This company is worth $5.8b but earns nothing
A company that has no earnings, no assets and just one employee has dumbfounded investors with a soaring stock value of US$4.7 billion (S$5.83 billion).
Belize-based CYNK Technology's stock rose to $14.71 on Wednesday, which is a gain of a staggering 24,416 per cent in 16 trading days, reported Business Insider.
In comparison, Apple has went up about 18,000 per cent since it went public in 1980.
The mysterious company, which some suspect has attained its stock value by speculative trading, is said to be developing a social network called Introbiz.com.
"Buy and sell the ability to socially connect to individuals such as celebrities, business owners, and talented IT professionals," claimed the website.
But unlike Instagram, which sold for $1 billion in 2012, and WhatsApp, which went to Facebook for $19 billion, Introbiz does not seem to have the same mass of users.
Calls to phone numbers listed for the company by multiple news agencies went unanswered.
The supposed President Marlon Sanchez is also listed as the chief executive, CFO, secretary, treasurer & CAO.
One analyst found the wealth of this little-known executive ridiculous:
"We must sadly conclude that the company is nothing but a fraud," said global finance website ZeroHedge.
"And it is nothing short of a testament to just how broken this excuse for a market is that a company with no assets, no revenues, no website and one employee can go from zero value to nearly $5 billion in market cap in a few days."
But it seems the company's freewheeling days might be numbered:
Sources: Business Insider, ZeroHedge
Get The New Paper on your phone with the free TNP app. Download from the Apple App Store or Google Play Store now