In a surprising and almost comical outcome of Twitter’s IPO announcement, investors mistook the company’s intended symbol (TWTR) and instead bought shares from Tweeter Home Entertainment Group (TWTRQ).
The Tweeter Home Entertainment Group is a long-closed electronics retailer that had filed for bankruptcy in 2007 and went out of business in 2008. However the company, which still has shares under the symbol TWTRQ, faced a significant and unexpected boost in stock.
The misunderstanding may have been caused by the additional Q, which is typically added to the end of bankrupt companies that still have shares trading. TWTRQ gained a1400 percent increase as shares rose to nearly 15 cents, before finishing the day at 5 cents (a 700 percent increase for the day).
Although the electronics retailer did face a sudden increase in shares, investors were able to sell the stock back. Twitter is expected to begin trading in either the NYSE or Nasdaq around November.