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

Whew.  $4 billion dollars over 96 words!  That’s about 41.7 MILLION DOLLARS A WORD!

Never underestimate the power of Engadget!

There is a lot to this story we don’t know yet, like how an email came from the Apple mail system that was so blatenty false.  I imagine the SEC will be looking very closely on anyone that made a bunch of money off Apple stock tanking for a while today.

I wonder if Engadget is losing some sleep tonight?  I don’t think they should be – they just reprinted what appeared to be a legitimate Apple Email that DID (from all indications) come from within the Apple email system.

It will be interesting watching the investigation – someone’s head is going to roll over this – the only real question is, does someone just lose a job, or does someone go to prison?

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.

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