TWTRQ Stock Shoots Up 1500% Because People Thought It Was Twitter (TWTR)
Peter Donnell / 5 years ago
Twitter only filed to go public yesterday and doesn’t expect to start trading until near Thanksgiving later this year. Twitter has chosen the stock ticker name “TWTR” which is obviously a shortened version of “Twitter”, which has led to some confusion as a company called Tweeter Home Entertainment is currently using the similar name of “TWTRQ”.
So even though Twitter isn’t technically trading at this time, there has been a lot of interest in people who would like to buy into their stocks, unfortunately for these people they’ve actually been investing in Tweeter Home Entertainment, not Twitter as they might have hoped.
In one day TWTRQ stock shot up by as much as 1500% because of the mix up. The stock fluctuated throughout the day but still ended on an increase of 684%. To be honest, the only thing I can think of right now is “fail” to the people who got it wrong and “win” for everyone at Tweeter Home Entertainment.
The stock was halted for a while after several outlets reported the news.
Thank you Businessinsider for providing us with this information.
Image courtesy of BusinessInsider.