from Sovereign Man:
Roughly a month ago, my colleague Tim Price wrote an article exposing CYNK Technology Corp. The day we published, the stock (OTC: CYNK) had a market cap in excess of $1 billion; it rose to more than $6 billion at its peak. All this with one employee, no assets, no revenue, no website, and no product… What could possibly go wrong?
The CYNK bubble was, of course, the result of carefully planned deceit and clever promotion by a handful of people who stood to make a lot of money on the trade. CYNK’s overvaluation was so outrageous that at one point the company was worth more than US Steel, the 13th largest steel producer in the world with 42,000 employees, $17 billion in revenue, and $414 million in operating cashflow. Needless to say, CYNK was a complete and total scam. And it’s appalling that anyone actually believed it.
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