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Steve Jobs Heart Attack Rumor Started On 4Chan By A Teenager November 5, 2008

Posted by cyberpatrol in 4chan.org, cyberbullying.
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The Common Sense Investor, October 2008

On October 3rd, a rumor that Apple CEO Steve Jobs had a heart attack sent Apple’s stock crashing down from $105.04 per share to $94.65 per share, equaling a loss of $9 billion in market value. All that in just 10 minutes. That shows how important Steve Jobs is to Apple. It also shows how fragile the market is at times.

Generally, when a fake news story has a substantial impact on the value of a company’s stock, the SEC gets involved. And that’s just what they did this time. Manipulating the value of a stock for your personal gain is a crime with some hefty penalties, so the SEC tried to trace the story and see if it’s originator had any financial reasons for starting the rumor. It turns out he didn’t.

The story made it’s way to CNN’s iReport.com, which is where it really started to hit the mainstream news, but it’s origin was a tad less respectable: an 18 year-old kid posting on 4Chan as a prank.

Here’s the complete post from CNN’s iReport “Citizen Journalist” Web site:
“Steve Jobs was rushed to the ER just a few hours ago after suffering a major heart attack,” said the false report. “I have an insider who tells me that paramedics were called after Steve claimed to be suffering from severe chest pains and shortness of breath. My source has opted to remain anonymous, but he is quite reliable. I haven’t seen anything about this anywhere else yet, and as of right now, I have no further information, so I thought this would be a good place to start. If anyone else has more information, please share it.”

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