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Teenager Caused Apple Shares To Crash After Fake Steve Jobs Story

According to Bloomberg news, the fake news story about Apple’s CEO Steve Jobs suffering a heart attack was submitted to CNN’s user generated news website, was actually posted by a teenager.

Apple’s market value declined by around USD 4.8 billion within an hour after an 18-year old boy posted a false story about Steve Jobs’ illness.

Though, the teenager didn’t seem to have any vested motives behind circulating the rumour, US Securities and Exchange Commission is investigating the matter to find out the exact purpose behind it; however, the commission didn’t find any clues of the person in question profited from the drop in Apple’s stock.

The false report about Jobs’ health appeared on 3 October on CNN’s iReport website, where readers can post their own news stories.

The news stated that Steve Jobs had a major heart attack and claimed that paramedics were called after Jobs reported “severe chest pains and shortness of breath”.

Later on, representatives from Apple publicly rejected the rumours of the heart attack, which helped its stock become stable.

Désiré Athow
Contributor

Désiré has been musing and writing about technology during a career spanning four decades. He dabbled in website building and web hosting when DHTML and frames were en vogue and started writing about the impact of technology on society just before the start of the Y2K hysteria at the turn of the last millennium. Following an eight-year stint at ITProPortal.com where he discovered the joys of global tech-fests, Désiré now heads up TechRadar Pro. Previously he was a freelance technology journalist at Incisive Media, Breakthrough Publishing and Vnunet, and Business Magazine. He also launched and hosted the first Tech Radio Show on Radio Plus.