Defunct ‘TWTRQ’ Stock Confused with Twitter IPOBy: Mike Fossum - October 5, 2013
A bankrupt company named Tweeter Home Entertainment Group Inc. (TWTRQ) saw its stock soar by 1,800% on Friday, in what analysts say some investors must have thought was Twitter. Incidentally, Twitter (TWTR) doesn’t have a “Q” on it.
Though, the investments didn’t result in any new-sprung Tweeter Home Entertainment millionaires. TWTRQ, which went bankrupt in 2007, before finally shutting down in 2008, had shares worth about a penny. Though, the company did see its stock rise roughly 14 times it’s initial Friday price – it finished the day at .0510 cents per share, or a 684.92% gain.
TWTRs took to TWTR to discuss TWTRQ:
Rube Investors Think ‘TWTRQ’ is Twitter | http://t.co/PgfMXtiijU
— The Interrobang (@TheIBang) October 5, 2013
— Steve Burns (@SJosephBurns) October 5, 2013
'TWTRQ' Up 685% in Clueless Trading https://t.co/kg2NXwfBFT
— news.yc Popular (@newsycombinator) October 5, 2013
TWTRQ Halted To Protect Idiots From Themselves http://t.co/c60TyxBc2W
— zerohedge (@zerohedge) October 4, 2013
As Twitter filed for a $1 billion IPO, the company had to relay its potential risk factors in public SEC documentation. Beyond the threat from TWTRQ, Twitter noted:
“If we fail to grow our user base, or if user engagement or ad engagement on our platform decline, our revenue, business and operating results may be harmed. The size of our user base and our users’ level of engagement are critical to our success. We had 218.3 million average MAUs in the three months ended June 30, 2013, which was a 44% increase from 151.4 million average MAUs in the three months ended June 30, 2012. Our financial performance has been and will continue to be significantly determined by our success in growing the number of users and increasing their overall level of engagement on our platform as well as the number of ad engagements.”
Still, there will always be nonsensical TWTR fights to invest in.
Image via Twitter.