Fake story boosts Twitter stock

TwitterSomeone worked out a simple way of massaging a company’s shares using fake internet sites.

Yesterday social notworking site Twitter’s stock surged nearly eight percent after a bogus report, headlined “Twitter Attracts Suitors” and attributed to Bloomberg News, claimed Twitter had received a $31 billion buyout offer.

The hoax appeared on a forged website found at bloomberg.market with a post designed to look exactly like a Bloomberg article.

The fake news story keyed into one possible scenario for Twitter causing some investors to believe it had received an actual buyout bid. Twitter’s current market value is just under $25 billion so $31 billion was a good deal.

Bloomberg News tweeted that the news was a fake and that the Securities and Exchange Commission is looking into possible criminal activity.

It somewhat sulkily pointed out that it would never run a headline like that, particularly if the source was unattributed. The fake story also spelt a name wrong and the intro did not describe what Twitter is (a social media company) as pure decrees of the style book dictate. Of course few people know what a first paragraph is supposed to contain.

Meanwhile someone is counting money from their cashed in Twitter shares.  We just hope they covered their tracks well.