Several news agencies are reporting that a stock plunge for Apple was caused by a teenage prank.
The teenager posted that Steve Jobs had suffered a massive heart attack on iReport.com. The report caused Apple stock to drop $4.8 billion dollars until Apple released a statement denying the report.
iReport is a website setup by CNN where anyone can post news items. The site is essentially a news based blog. Still, investors believed a posting, not bothering to check their facts with any credible source including Apple itself. Information illiteracy, not a teenage prank, caused this financial debacle.