Dow Jones sorry for 'technical error' after it published news saying Google was buying Apple
Despite every element of the story being the result of a technical snag, it caused Apple’s share prices spike by $2 to reach $158 for a while
October 12, 2017 / 10:03 AM IST
An Android mascot is seen in front of a displayed logo of Apple in this photo illustration taken in Zenica, Bosnia and Herzegovina, May 5, 2015. A U.S. appeals court on May 18, 2015 reversed part of a $930 million verdict that Apple Inc won in 2012 against Samsung Electronics Co Ltd, saying the iPhone maker's trademark-related appearance could not be protected. Some observers viewed the litigation as Apple's attempt to curtail the rapid rise of phones using Google Inc's rival Android operating software. Picture taken on May 5. REUTERS/Dado Ruvic - RTX1DI9L
A technical snag on the Dow Jones financial newswire caused it to say that Google had bought Apple for a price of USD 9 billion.
The bombshell dropped between 9:34 a.m. ET and 9:36 a.m ET and became viral within minutes, propelling Apple’s stocks by from USD 2 to USD 158 per share, according to 9to5 Mac.
Dow Jones newswire carrying the headline (Courtesy: @trader_53 on Twitter)
As the air cleared, the stocks of both the companies saw a correction.
As per the erroneously distributed 'deal' news, Google would get nine Apple shares for each Google share at a deal value of USD 9 billion.
“In a surprise move to everyone who is alive, Google said it’s going to buy Apple for $9 billion. Google Chief Executive Larry Page had secret talks with the now deceased Steve Jobs to firm up the deal. It was announced when Jobs' will was read in Cupertino, Calif.,”read the statement from Dow Jones, as per a report in 9to5 Mac.
The statement further went on to say: “Obviously, Google will move into Apple’s fancy headquarters. Google employees said, 'Yay.'”
Dow Jones first issued a statement clarifying it was an error to tech blog 9to5 Mac, who was the first to report on the issue, apart from some spots on Twitter.
The statement came out erroneously during a technical test, as per Dow Jones Chief Executive William Lewis, reported BBC.
All such stories have been removed by Dow Jones.