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A Tweeter store in Boston after the close down of the company. PA Archive
Stock Markets

Twitter IPO boosts stock of bankrupt company Tweeter

In their excitement to get their hands on a piece of Twitter, investors bought over 11 million shares in a company that has been bankrupt for six years.

IN THEIR EAGERNESS to get their hands on Twitter stock, investors have accidentally awoken a bankrupt company.

Tweeter, a home entertainment group that filed for bankruptcy in 2007, saw its share price shoot up over 1,500 per cent yesterday after the micro-blogging site announced their IPO.

While Twitter will file under the TWTR listing, Tweeter has a similar acronym: TWTRQ.

That confusion and the hope of making a quick buck saw 11.7 million shares bought in Tweeter by mid-day on the New York Stock Exchange.

Tweeter filed for bankruptcy in June of 2007 and its assets were acquired by Schultze Asset Management on according to a filing with the U.S. Securities and Exchange Commission.

However, those who sold high probably didn’t make out like bandits.

Despite a 1,500 per cent return on investment, the stock hit a high of 15 cents a share, before dropping to just over four cent.

Read: Twitter files a $1 billion IPO

Read: FBI shuts down site that sold $80m worth of drugs, hitmen services and other illegal items

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