Twitter-hungry stock buyers jump the gun
Oops. That's probably what some investors thought when they accidentally purchased stock in TWTRQ, Tweeter Home Entertainment Group, an electronics chain that liquidated in 2008.
With investors buzzing about the latest news on the upcoming Twitter IPO, some silly traders helped the defunct company's stock rise to a value of about 1,400 per cent. On Thursday, the stock closed at one cent, but on Friday it rose to as much as 15 cents. The OTC finally head to step in and halted trading on the stock at 12:42 p.m. on Friday. This is after details about Twitter's financial situation was revealed through a prospectus filed with the Securities and Exchange Commission.
Unfortunately, investors were over eager and it turns out that the Q behind the stock means that the company is bankrupt, but can continue to be traded, according to CNN.