That party in high flying stock CYNK Technology Corp (OTCMKTS:CYNK), up near 25,000 percent (yes 25,000 percent), may be coming to an end.
CYNK Technology's market cap
CYNK Technology Corp (OTCMKTS:CYNK) has a market cap of nearly $6 billion dollars and may be shut down by regulators, the Street Insider is reporting.
Yesterday ZeroHedge concluded “the company is nothing but a fraud. And it is nothing short of a testament to just how broken this excuse for a market is that a company with no assets, no revenues, no website, and one employee can go from zero value to nearly $5 billion in market cap in a few days, adding 150%, or over $2 billion in market cap today alone,” the web site reported yesterday.
CYNK Technology Corp (OTCMKTS:CYNK) went from a price of $0.10 on June 17 to $14.71 as of Wednesday’s close, the Business Insider web site noted. “This is a gain of more than 24,000%. For some perspective, Apple, one of the most successful companies and stocks of the last generation, is up about 18,000% since it went public in 1980,” they wrote.
CYNK Technology Corp (OTCMKTS:CYNK) offered an space-aged elevator ride for stock appreciation
In other words, CYNK Technology Corp (OTCMKTS:CYNK) offered a space-aged elevator ride to Apple Inc. (NASDAQ:AAPL) like stock appreciation in just a little more time it takes for a high frequency trader to drive a market into the ground through a mini flash crash and then prop it back up again.
But perhaps most amazing is there might not actually be a company behind the amazing stock price rise.
Business Insider notes the website associated with the company, introbiz.com, states that, "Thru our marketplace you may both buy and sell the ability to socially connect to individuals such as celebrities, business owners, and talented IT professionals."
So wait a minute. They are selling connections to celebrities? This has to be the stock scam of the century. You pay for a connection to a “celebrity” in a fashion similar to Facebook Inc (NASDAQ:FB). One only wonders what type of “celebrities” might be included in this apparent non-existent business.
“Maybe someone cool or famous,” Business Insider mused. “Who knows?”