Hyundai's executives might have shown how easily the news can be manipulated for financial gain
Wowza. What a couple of weeks for the people at Hyundai. First, the company was talking to Apple about the Apple Car. Then it might not have been. Then it wasn't. And now its executives are not only deleted from Tim Cook's contacts list, but also in line for an investigation into whether they did something illegal.
The thing they're accused of is particularly interesting for those of us who write about this kind of thing. See, according to a Reuters report, it's been suggested that Hyundai executives might have used insider knowledge related to the Apple Car talks to make share trades. And yes, Hyundai shares jumped 21% on the back of rumors of its involvement with Apple.
It seemed strange when Hyundai first confirmed that it was in talks with Apple over a deal to build the Apple Car. That just isn't something that companies do. Ultimately, it could have cost Hyundai the deal, but it could also have made some people a ton of money thanks to that jump in share price. Was that a coincidence? Some suggest not.
Now, what's interesting here is the way the media could have been used to manipulate share prices. It's something that has been discussed before, although usually in terms of analysts making bullish or otherwise claims about Apple and its plans moving forward. These are often the same analysts telling investors what to do with their money and making share prices go up or down makes a lot of sense for them. But this is the first time I've wondered about people inside the companies themselves.
it also raises an interesting question about the way these things are reported. When Hyundai says it's working with Apple to produce one of its most-rumored products of the last ten years, it's going to be written up. I'm not sure, if the Hyundai case is proven, how we can avoid this happening again.
But it's absolutely something we need to consider as an industry.
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Oliver Haslam has written about Apple and the wider technology business for more than a decade with bylines on How-To Geek, PC Mag, iDownloadBlog, and many more. He has also been published in print for Macworld, including cover stories. At iMore, Oliver is involved in daily news coverage and, not being short of opinions, has been known to 'explain' those thoughts in more detail, too.
Having grown up using PCs and spending far too much money on graphics card and flashy RAM, Oliver switched to the Mac with a G5 iMac and hasn't looked back. Since then he's seen the growth of the smartphone world, backed by iPhone, and new product categories come and go. Current expertise includes iOS, macOS, streaming services, and pretty much anything that has a battery or plugs into a wall. Oliver also covers mobile gaming for iMore, with Apple Arcade a particular focus. He's been gaming since the Atari 2600 days and still struggles to comprehend the fact he can play console quality titles on his pocket computer.