Hey, investors: we appreciate the enthusiasm, but you might want to reel it in for the time being.
Reuters reports that confused investors eager to get in early on the Twitter IPO news temporarily boosted the stock of bankrupt electronics company Tweeter by purchasing shares in it, which were going for one cent each before the demand shot the price up to 15 cents. Tweeter’s NASDAQ symbol is “TWTRQ,” which led to the confusion.
Twitter officially released plans for its IPO yesterday, but the date of the offering is still unknown. For now, the public can’t buy Twitter stock, and when it is available, we somehow doubt it will be going for the low, low price of a penny.