Engadget Hoax Drives Apple Stock Down $4 Billion
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ENGADGET HOAX DRIVES APPLE STOCK DOWN $4 BILLION
Published: May 17, 2007 • References: techcrunch
Apple stock plunged to the tune of $4 billion in only six minutes after a hoax email sent to Engadget was published on their site on May 16, 2007. The email detailed that the iPhone would be seriously delayed and would not meet it's production deadline in June 2007 and was reported by Engadget to have come directly from Apple's own internal servers. Once the mistake was realized, the Apple machine swung into action and after much damage control and backtracking by Engadget, the stock went back up closing out the day down only $1.40 per share. If anyone is interested, that translates into a $1.25 billion loss due to an Internet rumor.