Author Topic: Tech Company That May Not Exist Is Worth $5 Billion  (Read 239 times)

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Tech Company That May Not Exist Is Worth $5 Billion
« on: July 11, 2014, 03:59:32 AM »
Consider gob suitably smacked.

Bubbles are filled with air, so it is only fitting that in our new tech bubble we buy companies that are mostly made of air.

One of the hottest stocks in the universe right now is a social-networking company called Cynk Technology, ticker symbol CYNK. As of Thursday morning, the stock had soared more than 30,000 percent in less than one month, shooting from 6 cents on June 16 to $18.21 Thursday morning, taking Cynk's market value from about $17 million to more than $5 billion. That makes it worth more than HuffPost parent company AOL or JetBlue, both valued at about $3 billion.

Here's how the stock looked as of Wednesday afternoon, when it was up a mere 24,000 percent:

cynk stock

Minor technical note: It is not entirely clear that Cynk actually, how do you say, exists.

Some parts of it do exist on the Internet, at least: Cynk Technology, formerly known as Introbuzz, is a social-networking company that runs a bare-bones website called IntroBiz. IntroBiz is apparently "a marketplace [where] you may both buy and sell the ability to socially connect to individuals such as celebrities, business owners, and talented IT professionals." It has pictures of Leonardo DiCaprio, Angelina Jolie and other celebs, suggesting that your dream of becoming besties with Leo and/or Brangelina will finally come true, thanks to IntroBiz.

So far, so legit. Now's when things get weird!

Cynk is headquartered in Belize, but was incorporated in Nevada in 2008. Its main contact number is in a Miami area code.

As Business Insider points out, the company warned the Securities and Exchange Commission in March that it wouldn't be able to file its annual report on time this year.

Signing that document was one Marlon Luis Sanchez, who happens to be the company's President, Chief Executive Officer, Chief Financial Officer, Chief Accounting Officer, Secretary and Treasurer.

Read more:
Before you bitch about the youth of today ... think about who raised them.

Avatar thanks to Oceander.

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