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At Aquinore. UK. Good morning from the Financial Times. Today is Friday, March 22nd, and this is your

FT news briefing. Reddit's market debut got an upvote from investors, and the US hit Apple with an antitrust lawsuit.

Plus, we hear why Hertz couldn't get customers buzzing about electric vehicles.

I'm Sonia Hudson, and here's the news you need to start your day. Reddit shares hit the market for the first time yesterday,

and the hotly anticipated initial public offering delivered on its promise.

shares jumped almost 50%.

That's a pretty good vote of confidence for the IPO market, which has really been struggling the past two years. The U.S. Department of Justice sued Apple yesterday. It accused the company of

building a smartphone market monopoly. This case is the Biden administration's first major antitrust

action against Apple. The lawsuit is coming at a time when regulators are really focusing on

big tech. I'm joined now by the F.T. Stefania Palmer. Hi

Stefania. Hi Sonia. So Stefania can you explain the case that the

DOJ is making here? So this is a sprawling complaint.

Essentially, the US government is accusing Apple of illicitly using

monopolistic power in the smartphone sector in order to make it harder for consumers to switch devices

and also basically crafting contracts that put developers in worse positions and in turn

essentially undermining innovation.

So Stefania, the DOJ held a press conference

about this yesterday, what they have to say?

I mean, one thing that was highlighted even during the press conference itself is the way that

Apple allegedly exerted power over their so-called access points and in practical terms

...