BUSINESS

Fake News Story Sends Twitter Stock Soaring

07/14/2015 04:08 EDT | Updated 07/15/2015 10:59 EDT

NEW YORK — Twitter's stock briefly spiked on Tuesday after a fake story said the company received a $31 billion buyout offer.

The story, which cited "people with knowledge of the situation,'' appeared on a website made to look like Bloomberg's business news page. But Bloomberg spokesman Ty Trippet says the story is "fake and appeared on a bogus website that was not affiliated with Bloomberg.''

Twitter representatives could not immediately be reached for comment.

Twitter's stock spiked 8.5 per cent in late morning trading before settling back down after the story was confirmed fake. As of early afternoon trading, the stock was up 3.2 per cent at $36.92.

In May, a fake bid for another company, Avon Products, sent its shares as much as 20 per cent higher.

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