The Power of Blogs: AppleGate

This at TechCrunch is about 2 weeks old but hey what the hell, I thought I’d share it with you in case you didn’t know about it.

Yesterday Engadget posted that the iPhone was going to be delayed several months, relying on what turned out to be a bogus email for the story. Four billion dollars in market cap was wiped off of Apple’s stock price in six minutes as the “news” hit the market. Engadget quickly corrected the story and the stock recovered within twenty minutes, but many investors had lost a staggering amount of money in the amount of time it takes to brush your teeth.

It shocked the crap out of me when I read it for the first time. One blog had the power to wipe off 4 billion dollars in 6 damn minutes only. Amazing! The above mentioned incident and my spidey senses are both reminding me that with great power, comes great responsibility. Yaaaaay to blogs :). It’s fun being part of new media. And talk about a fast super liquid market.