Dow Jones, a newswire that gives insights on the company’s businesses, today (October 10) sent out news clearly saying that Google was planning to acquire Apple back in 2010. The agency said that the search giant was about to buy Apple for $9 billion. The headline of the news was “DJ UPDATE: Google, Apple Join to Create Tech Giant.”
The first paragraph in the news sounded something like this.
“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 has secret talks with the now deceased Steve Jobs in 2010 to firm up the deal. The deal was announced when Job’s will was read in Cupertino, California. The deal, which is expected to close tomorrow, gives each Google shareholder nine shares of Apple stock. Obviously, Google will move into Apple’s fancy headquarters. Google employees said ‘Yay’.”
While it is understandable that the news sent out is fake, shares of Apple quickly jumped up to $158 per share after the news broke out. 9to5Mac says that the news added that Google employees would be moving to Apple headquarters and will get 9 Apple shares for every share of Google stock owned.
However, Dow Jones quickly realised the mistake and sent an official statement to the website saying that it was a technical error. “Please disregard the headlines that ran on Dow Jones Newswires between 9:34 a.m. ET and 9:36 a.m. ET. Due to a technical error, the headlines were published. All of those headlines are being removed from the wires. We apologize for the error,” the agency said.
According to a report by Fortune from March this year, Apple’s market cap reached $800 million since last year’s US elections. The website cited Barclay’s report saying that Amazon touched $424 billion market valuation this year, while Alphabet (Google’s parent company) reached a $581 billion valuation.
We are yet to see which tech giant hits the $1 trillion company valuation milestone first.