17 May 2007

Engadget Knocks $4 billion off Apple Market Cap on Bogus iPhone email

Engadget Knocks $4 billion off Apple Market Cap on Bogus iPhone email

"Then, whoops, at 11:49 AM EST Engadget posted saying that the iPhone and Leopard operating system launches would be seriously delayed. They based the story on an internal Apple email that was forwarded to them.... Apple’s stock promptly tanked on massive selling, going from $107.89 to $103.42 in six minutes (11:56 - 12:02). This wiped just over $4 billion off of Apple’s market capitalization. A lot of people lost a lot of money very quickly."

Wow -- never underestimate the power of rumor. Someone really had it out for Apple by releasing this bogus email.

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