Twitter Shares Jump due to False Report about a Takeover Deal

Twitter Shares Jump due to False Report about a Takeover Deal

A fake report which the world thought was from Bloomberg made the shares of Twitter jump by many folds on Tuesday. The news related to a likely takeover bid for Twitter at USD 31 billion. The shares of the social media network climbed five percent as the news appeared on the internet but soon dropped to where it had started from.

The report was seen on a webpage called 'Bloomberg.market' that was visually identical to the web page of 'Bloomberg.com', the well recognized financial news agency.

The phony report mentioned that people who have knowledge of the matter said Twitter "is working closely with bankers after receiving an offer to be bought out for USD 31 billion"

The report which appeared on the webpage around 11:35 am made the shares of Twitter climb to USD 38.82 from USD 36.90 within a matter of few minutes. The climb was short lived though and after fifteen minutes it declined and reached its previous level.

Bloomberg spokesman Ty Trippet said, "The story was fake and appeared on a bogus website that was not affiliated with Bloomberg."

Reportedly, the fake website domain was registered some days back by someone in Panama. According to the cybersecurity experts, creating the phony website as well as the report was not something that required high expertise.

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