Now, I'm a big fan of Twitter and am mildly curious to see how the company's initial public offering is going to do when it was released. But that's just the thing. It hasn't been released yet. And some people didn't read the fine print.
|Photo from http://siliconangle.com/files/2013/08/twitter-IPO2.jpg|
According to TIME,
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.
Classic mistake. Good thing the stock was only a penny.