CYNK Technology Corp, a “social media development” company that has, according to official filings, one employee, no website, no revenue, no product, and no assets now sports a market capitalization of nearly $3 billion. Edit: Oops. Now nearly $5 billion. Up 150% today.
I guess you can make this stuff up, but not in a good way
Perhaps the sponsors of thie modern miracle should have simply given a nod to history while developing their business model – “For carrying on an undertaking of great advantage; but nobody to know what it is.”
The original use of the term “bubble” in this context comes from the nickname given to the highly speculative companies that sprang up as the South Sea Company (which bought up the nation’s debt – sound familiar?) created a demand for speculations. In addition to the mysterious venture mentioned above, other “bubbles” from which one could choose were:
- For a wheel for perpetual motion.
- For making iron with pit coal.
- For the transmutation of quicksilver into a malleable fine metal.
Social Media, alas, were not on the horizon. And tulips had something of a bad odor.
If it were not so sad it would be hilarious.