Fake story on buyout sends Twitter stock briefly higher

FILE - In this Monday, Nov. 4, 2013, file photo, a phone post on the floor of the New York Stock Exchange features a Twitter logo, in New York. Twitter's stock briefly spiked on Tuesday, July 14, 2015, after a fake story said the company received a $31 billion buyout offer. (AP Photo/Richard Drew, File)

NEW YORK (AP) — Twitter’s stock briefly spiked on Tuesday after a fake story said the company received a $31 billion buyout offer.

The story, which cited “people with knowledge of the situation,” appeared on a website made to look like Bloomberg’s business news page. But Bloomberg spokesman Ty Trippet says the story “fake and appeared on a bogus website that was not affiliated with Bloomberg.”

Twitter had no comment.

Twitter’s stock spiked 8.5 percent in late morning trading before settling back down after the story was confirmed fake. As of early afternoon trading, the stock was up 3.2 percent at $36.92.

In May, a fake bid for another company, Avon Products, sent its shares as much as 20 percent higher.

 

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