Twitter Hungry Investors Buy Wrong Twitter Shares

Right after Twitter announced its IPO and said it would use the symbol TWTR, the stock for TWTR Inc (TWTRQ) skyrocketed.

twitterNot saying that people are idiots, or even that people who play the stock market have no idea what they are doing. Of course not.

Right after Twitter announced its IPO and said it would use the symbol TWTR, the stock for TWTR Inc (TWTRQ) skyrocketed. This is a totally unrelated company that sells fun items like car stereos. But yes, until it was halted, stock for TWTR Inc suddenly mushroomed in price to more than 14 times its original value (which was only around a penny a share, but still). Here’s what it looked like Friday.

Tweeter Home Entertainment Group (TWTRQ), which filed for bankruptcy in 2007 and went out of business in 2008, still has shares trading under the symbol TWTRQ.

Twitter plans to list its shares under the symbol TWTR so it’s understandable there might be some confusion. Q is typically added to the end of bankrupt companies that still have shares trading.

TWTRQ closed Thursday at 1 cent, right within its normal trading range.

But Friday, the day after Twitter filed papers detailing its plans for a $1 billion initial public offering, shares of TWTRQ soared as high as 15 cents, a gain of about 1400%. Shares finished the day at 5 cents, up nearly 700% for the day.

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