Why? Because it is spelt a little like Twitter and may have a similar sounding ticker.
The regulator stepped in but not before many mug punters lost vast sums.
This is clearly irational behaviour. Sadly existing holders were probably too slow to exit the bankrupt retailer. Likewise, those wishing to short the price back to reality would have had difficulty borrowing the stock to sell short. This is inefficient.
What did investors think they were doing? If it looks too good to be true that is because it is.
What is highly likely is that when Twitter does float it will be overpriced with a future growth of revenue expectations that will prove impossible to meet.
Sound the retweet [Economist]
For want of a letter, a fortune was lost. Shares in Tweeter, a bankrupt electronics retailer, briefly soared 1,800% on October 4th because some investors mistook its ticker symbol TWTRQ for TWTR, the shorthand chosen by Twitter ahead of the microblogging service’s planned stockmarket flotation. Trading was halted after the regulator stepped in. But those who bought at the peak price will be regretting their foolishness.