Teen reportedly source of fake Steve Jobs heart attack rumor

“An 18-year-old posted the fake Internet report that Apple Inc. Chief Executive Officer Steve Jobs had suffered a heart attack, and investigators haven’t found evidence the teenager tried to profit from driving down the stock, two people with knowledge of the matter said,” David Scheer reports for Bloomberg.

“The U.S. Securities and Exchange Commission is examining the teen’s motives after the article on CNN’s iReport.com sent Apple shares down as much as 5.4 percent on Oct. 3, according to the people, who declined to be identified because the probe isn’t public. While the investigation is continuing, the agency hasn’t unearthed any trading records that show he benefited from the drop, one of them said,” Scheer reports.

“John Heine, an SEC spokesman in Washington, and Apple spokesman Steve Dowling declined to comment,” Scheer reports. “CNN spokeswoman Jennifer Martin said yesterday that the cable news channel wasn’t aware of the age or identity of the person behind the iReport post. CNN doesn’t plan to review its procedures for placing content on iReport, Martin said, declining to comment further.”

“The bogus report cut Apple’s market value by at least $4.8 billion in the first hour of Nasdaq Stock Market trading before a spokesman for the Cupertino, California-based maker of iPods and Macintosh computers said the report wasn’t true. The shares recovered a bit, closing down 3 percent,” Scheer reports.

More in the full article here.

[Thanks to MacDailyNews Reader “iWill” for the heads up.]

30 Comments

  1. @PC Apologist

    Yeah, that Ballmer turd is KNOWN near and far for his truthfulness. Yeah, yeah. And the Microsoft asshat that brazenly discounted the iPhone’s phenomenal success in its 5th quarter earlier this week, yeah, he’s a REAL icon of honesty.

    Gawd, but I’d hate to be your neighbor and ask if I could have my lawn mower back.

  2. Randian – What?

    fred garvin – This isn’t Fark. Let’s not go completely over the top. Stupid kid playing a stupid prank. Probably had no idea the consequence, and there was no real harm done. Hopefully it taught people to look before they leap.

  3. So if i call up CNN and tell them the president got shot, and they run the story its MY FAULT?????

    HOW ABOUT CONFIRMING THE DAMN NEWS THEY REPORT????

    Where the hell is the accountability!?”!!

    Its not like this kid doctored a medical report or photocopied steve jobs in the hospital.

    Even if he did, its CNN’s responsibility to CHECK IT OUT!!!!

    morons.

  4. This really shows the sorry state the Internet is in. Some people will believe just about anything they read on a random blog these days, repost it on their own site, and before you know it, it’s gone around the Internet twice all with nobody even having even checked on the initial source themselves. Stupid “journalists”. Even stupider investors. And people wonder how Wall Street crashed…

  5. Let that be a lesson to all investors. Investing in the stock market is GAMBLING. And anything that happens to that money is FAIR GAME. If it leaves your immediate possession it’s at RISK.

    Jobs could have a real heart attack. He could be hit by a bus. A terrorist attack could turn Cupertino to ash and cinders. And this isn’t true of just Apple issues, but any other stock you might buy. If you bet more than you are willing to lose, you RISK being unhappy (and poor).

    Not saying that you shouldn’t invest, or that its not worth the risk. But it’s risk. And we”re seeing the financial crisis today because a) people forgot that they were taking risks, b) people didn’t think it could happen to them, c) people got greedy, d) values were created based on ‘theoretical possibilities’ and d) shite happens.

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