Fake iPhone delay email causes $4bn drop in Apple share price
A report about the iPhone being delayed until October caused Apple’s share price to drop rapidly yesterday.
The post on Engadget at 11:49 am reported an email that purported to be an internal Apple memo claiming the iPhone had been put back to October and Leopard wouldn’t be ready until January 2008.
Although email was sent internally it was a fake, and Apple quickly issued an email denying the claim and saying both the iPhone and Leopard were still on target.
Engadget corrected the post, but not before Apple stock fell sharply from $107.89 to $103.42 between 11:56 and 12:02. According to TechCrunch, that represents losing $4bn on Apple’s market capitalisation.
The stock value was mostly restored by 12:22 and finished down by $1.40 a share at the end of the day, with a market cap of $1.25bn.