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You are here News Economy This Nonexistent Social Network With No Revenues and No Assets Is Worth $4 Billion

This Nonexistent Social Network With No Revenues and No Assets Is Worth $4 Billion

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Nonexistent tech companyIf you thought the potato-salad Kickstarter story was a crazy example of free markets run amok, here's one that's even more surreal: A social-media company called CYNK Technology is exploding in the stock market, with shares up more than 25,000 percent since the middle of June.

If you've never heard of CYNK Technology, you're forgiven — the company has no assets, no revenues, and a single employee. It's not even clear if the company's social network, IntroBiz, has any members.

And yet, Wall Street is going nuts over CYNK. As of today's close, the company's market value is over $4 billion, making it more valuable, on paper at least, than companies like JetBlue and the New York Times.

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