Stock manipulation perhaps? Happens a lot with Tesla apparently, short sellers will pump up any negative story and try to get it into press. This person was making several attempts to get in contact with press after all, and a story about a teenager finding a big privacy bug in a company that publicly touts its privacy chops has ‘news at 11’ written all over it.
Personally I think a bug report story is not a particularly plausible strategy for such a thing - this person’s concern seems entirely genuine - but crazier things have been done for money. I’m relatively skeptical of complaints from companies about short sellers and bad press, but also recognize that stock manipulation happens a lot more than most ppl are aware of.
Is it still called stock manipulation if the bug is critical and for real and the company deserves to lose shareholder value simply for the critical nature of the bug?
Imagine how many people are vulnerable out there - I'm already starting to read some complaints on the internet that some people were unknowingly sharing a video of them taking a shower, etc.
If you're are in possesion of information with the potential to impact the stock price when released and you use it in your own favor to try to make a profit, then I believe it can be characterized as an attempt of stock manipulation.
Yes, as they would have lost less stock price if a fix had been prepared and released along with the announcement.
Yes, if options purchases were made before the market found out.
Yes, if their intentions were to change stock prices with the announcement in any respect whatsoever, whether up down in price and/or in volatility.
No, if they were not intending to change the stock market with the announcement, regardless of the fact that they did. (Naïveté happens. So does unconcern. Still, No.)
Also timing, Apple publish their quarterly earning results this afternoon in an already peculiar context. It’s the first time they missed guidance over the decade.
Ps: As others noted maybe it’s fair enough if support failed to acknowledge the bug quickly enough.
Personally I think a bug report story is not a particularly plausible strategy for such a thing - this person’s concern seems entirely genuine - but crazier things have been done for money. I’m relatively skeptical of complaints from companies about short sellers and bad press, but also recognize that stock manipulation happens a lot more than most ppl are aware of.