To be fair, there’s not too much of a difference between the two companies’ names — Twitter and Tweeter. The latter is a now-defunct company that specialized in electronics, similar to Best Buy and Future Shop.
On Friday, Tweeter’s stock, which had been worth less than a penny a share, exploded over 1000 percent, reaching 15 cents a share before eventually falling to five cents a share at midday. By that point, investors had traded more than 11.7 million shares.
Bloomberg reports that trading for Tweeter was halted at 12:42 p.m. The tickers for the two companies are remarkably similar — Twitter’s ticker will be TWTR while Tweeter’s ticker is TWTRQ.
It was the most active day of trading for the company in over six years. Its last active day was on May 10, 2007 when it released a report of its quarterly earnings and announced that it might file for Chapter 11 bankruptcy protection.
Tweeter shares had apparently been trading at slightly higher levels since the Sept. 12 news broke that Twitter filed for an IPO.
Twitter, meanwhile, is looking to raise $1 billion for its initial share sale. The company’s documents show a valuation of $12.8 billion.
