TechCrunch’s Patrick Rothfuss is a writer whose Twitter feed is packed with tech-savvy people.
He’s also the host of a popular podcast called Tech Crunch, and is also the co-founder of a new startup called Crave.
But when he first came across an article that had appeared on the front page of TechCrunch.com on Sunday morning, he had to make sure he was watching the article for the truth.
“When I clicked the link, I was shocked to see a quote that looked familiar, ‘You should go buy your own stock,’ ” Rothfus told Ars.
“I went and bought my own stock in the next few minutes.”
Rothfuses stock, which he calls ULTRA, is currently valued at more than $7 million.
It’s not the first time that Rothfusa has bought shares in Facebook stock.
Earlier this year, the company purchased the personal blog of former Facebook CEO Mark Zuckerberg.
Rothfills initial investment in ULTRE was a small sum, but he’s now more than doubled that investment in the stock, and says that he’s sold over 10 million shares in the past few weeks.
The article from TechCrunch said that Roth Fus bought his own stock, in part, to hedge against Facebook’s planned acquisition of Instagram.
That deal was delayed in March and will reportedly be completed this summer, but Facebook is currently working on the acquisition of WhatsApp.
In the article, Rothfuse wrote that he bought ULTra because he was worried about Facebook’s impending acquisition of Snapchat, which Rothfused described as a “very bad deal” that would cause “very severe pain” to the community of Snapchatters who are using the app.
Facebook acquired Instagram last year for $3 billion.
Zuckerberg and Snapchat cofounder Evan Spiegel have said that Facebook will keep Instagram’s ads on the platform as long as it can make the ads “free of charge.”
“I bought my shares because I was worried that Facebook’s acquisition of Snap was going to hurt the community, so I wanted to be able to hedge my bets,” Rothfumes said.
ULTRA is just one of many tech stocks that Rothfs investments in have turned out to be scams.
TechCrunch has a wealth of articles on other tech stocks, including Snap, Lyft, Pinterest, Airbnb, Pinterest-owned social network Y Combinator, and more.
Tech Crunch is not the only site to publish articles that feature tech scams.
The Verge’s article on the subject on Sunday night was shared thousands of times on Twitter.
Techcrunch.com also posted an article about the scam that was also shared thousands more times.
In a statement, TechCrunch defended the publication of its articles, writing that the company “is committed to providing readers with news, information and analysis that is timely and independent.”