TV News LIES

Thursday, Sep 18th

Last update02:40:06 AM GMT

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

E-mail Print PDF

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.

More...


Most Recent Related Stories...


Trump Plaza closes its doors, becomes 4th Atlantic City casino to close this year

Trump casino closesThe supervisor drew his finger in a slashing motion moments after the final hand of blackjack...

Seniors Forced Into Poverty As Education Department Demands Payment

student loan debtThe Education Department is demanding so much money from seniors with defaulted student loans that it's...

US wealth gap putting the squeeze on state revenue

income inequalityIncome inequality is taking a toll on state governments.The widening gap between the wealthiest Americans and...

Morgan Stanley to pay $95 million in U.S. mortgage-debt settlement

Morgan stanleyMorgan Stanley (MS.N) has agreed to pay $95 million to resolve a lawsuit accusing the Wall...
 
America's # 1 Enemy
Tee Shirt
& Help Support TvNewsLIES.org!
TVNL Tee Shirt
 
TVNL TOTE BAG
Conserve our Planet
& Help Support TvNewsLIES.org!
 
Get your 9/11 & Media
Deception Dollars
& Help Support TvNewsLIES.org!
 
The Loaded Deck
The First & the Best!
The Media & Bush Admin Exposed!