Fake Email Costs Apple $4 Billion In Market Capitalization

“What a day for Apple investors. The stock started off strong today on a lot of pre-market buying, despite news that Amazon will finally start competing on sales of DRM-free music. 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.

Well, it turns out that the email was a hoax.”

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