David Tang

Correcting the Web's many lies

April 8, 2011: 12:45 PM ET

If you want to set the record straight on a false rumor, you can pay a hefty fee to a new site, iCorrect, to do so. But that won't stop the rumor mill from continuing to churn.

By Eno Alfred, contributor

FORTUNE -- Cherie Blair did not attend a shooting party with Col. Muammar el-Gaddafi's son. IMG has not had any discussions about representing British Formula One racing driver Lewis Hamilton. And contrary to popular belief, Michael Caine has never said, "Not many people know that."

Wondering who cares? Well, the subjects of the rumors do. And now an entrepreneur by the name of Sir David Tang has given them a platform to set the record straight. For a fee, of course.

iCorrectSir David, as he prefers to be called, is the Hong Kong-born, 56-year-old founder of a new website called iCorrect, which gives celebrities, corporations and anyone else under the media spotlight an opportunity to challenge and respond to rumors about them. While it is free to read, individual "correctors," as the site calls them, can write unlimited "corrections" by paying an annual $1,000 fee. Businesses have a steeper charge of $5,000 per year.

Cherie Blair, IMG and Michael Caine are just a few of the well-known names Tang, who is also a Financial Times columnist, convinced to join the site as founding members. He says that more than 30 of the 50 celebrities, socialites, politicians, intellectuals and corporations he asked to join were amenable to it. They've been posting corrections free of charge for nearly a year, in preparation for the site's launch last month.

In fact, Tang hasn't yet received payment from a single corrector, and his business model isn't exactly proven. "I came up with $1,000 dollars because that's how much it would cost you if you asked a solicitor to write a letter!" he says, laughing. "So I think if we charge you that for a year, it's a nominal sum and you'll get good value for money." More

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