A penny stock called CYNK Technology skyrocketed from $US0.10 on June 17 to $US14.71 on Wednesday — an increase of 24,000% — to be valued at around $US4.29 billion, according to a report from our own Myles Udland.
CYNK apparently boasts a social network, but unlike Facebook’s free service, CYNK has you pay a group called IntroBiz (or possibly CYNK) to connect you with someone else using the service, even a celebrity. The details are all quite fuzzy at the moment, and it’s unclear who is using the service or at least buying or trading CYNK shares.
Yet, despite financial statements saying CYNK has no assets, revenue, or full-time employees, the company is still valuable than several other prominent services out there — at least on paper. We collected the valuations of several other tech-related companies to compare them to CYNK.