Intel Corporation (NASDAQ:INTC) on Thursday was wrongly reported of withdrawing its plan to invest in $6 billion in a chip plant in Southern Israel. The report was a hoax press release sent by an unknown person to the reporters. The note read that Intel will no longer pursue its investment plan due to its “corporate responsibility goals.”
Intel confirmed it as hoax
The release suggested the reason for withdrawal is the destruction and loss of life due to Israel’s assault on Gaza. Much effort was made by an unidentified individual to give the fake news a real look as the person built a website that looked closely similar to Intel’s newsroom. Within the release, a phone number was provided to make contact if any reporter wants to know if the release was genuine.
Seth Klarman: Investors Always Need A Strategy To Guide Them
"Many investors lack a strategy that equips them to deal with a rise in volatility and declining markets," Seth Klarman told his audience in a speech at MIT in 2012. Q3 2020 hedge fund letters, conferences and more Klarman was talking about the benefits of having a strategy, such as value investing, to provide a Read More
However, Intel released its own statement in response to the hoax saying that the news released was a fake and did not come from the company.
After some time, the same individual sent another message acknowledging the Hoax. In the statement, the hoax press release creator said that it was done with the purpose of bringing forth the difference in what companies say and do regarding corporate responsibility and human rights. It was, also, mentioned that Intel is not different from other companies with respect to its corporate citizenship value.
Fake release admired by many
“Intel taking a stand against an out of control government would make them a better corporate citizen,” it said.
The person clarified that he has framed the press release on his own without taking help from anyone. He did not reveal his name, and the contact name given on the fake press release was “Nick Veritas”, and Veritas stands for truth in Latin.
Previously, Intel stated that it will invest around $6 billion in Southern Israel. The Kiryat Gat facility is just 15 miles away from the Northern Gaza Strip, according to the fake press release.
Veritas said that he received number of calls, as well as, emails admiring the step taken by Intel (based on the fake release). He said that it was a press release that so many wanted to see, and he himself wanted it to be true.