West Virginia Sues Apple Over Reporting 267 CSAM Incidents; BlackRock Adds 8.3M Shares
West Virginia’s lawsuit claims Apple reported 267 CSAM incidents in 2023 versus Google’s 1.47 million and Meta’s 30.6 million, alleging deficient detection and disclosure. Q4 filings show BlackRock added 8.3 million shares to reach 1.15 billion (5.31% of its portfolio) while Berkshire Hathaway cut its stake by 4.3%.
1. Lawsuit Over CSAM Reporting
West Virginia AG JB McCuskey filed suit in Mason County Circuit Court, alleging Apple reported only 267 child sexual abuse material incidents in 2023 to the National Center for Missing and Exploited Children, compared with 1.47 million by Google and 30.6 million by Meta. The complaint points to Apple’s canceled 2021 detection system announcement and argues the low report count reflects deficient monitoring and disclosure practices, raising potential regulatory and reputational risks.
2. Asset Managers Shift Apple Holdings
Q4 regulatory filings reveal BlackRock boosted its Apple stake by 8.3 million shares to 1.15 billion (5.31% of its portfolio), while Vanguard holds 1.43 billion shares and Morgan Stanley increased to over 230 million shares. Conversely, Berkshire Hathaway trimmed its position by 4.3%, Bridgewater Associates cut its stake by 16%, and Renaissance Technologies and Citadel Advisors each reduced holdings by 6%.