Twitter Inc (TWTR) Surges on Fake-out, Are Investors This Angry?Author: Victor AlagbeLast Updated: March 12, 2020 Twitter Inc. had an interesting trading session today in a move that surprised both traders and investors alike. At 11:46AM EST, the shares of Twitter climbed 8.52% to an intraday trading high of $38.82 from an opening price of $35.77. As at 12:30PM, the stock was still up some 3.30% at a trading price of $36.96.Why Did Twitter Surge Today?The surge in the trading price of Twitter today is unexpected because the stock has not been in the news for any market-moving event. In fact, you’ll be hard pressed to find a fundamental or technical reason to justify the increase in its share price.On closer observation, it appears that the gains reported in Twitter today can be traced to a supposed Bloomberg article that showed up on the Internet. Newswire TheFlyontheWall provided a snippet that suggested that Bloomberg reported that someone has offered a bid for Twitter.The original link here leads to a Bloomberg.market domain as opposed to a Bloomberg.com domain. The news on the supposed “Bloomberg” site is that “Twitter is working closely with bankers after receiving an offer to be bought out for $31 billion, people with knowledge of the situation said”.Bloomberg has since denied the said article on the fake Bloomberg website. Hence, it wouldn’t make any sense to base any trading or investing decision on what a fake website says.All Distractions AsideThe fact that fake news on a fake website could push the shares of Twitter up almost 9% before the morning trading ends raises some questions about the volatility and stability of the stock. For one, the stock seems to be moving seriously after every rumor of a potential buyout.On June 17, the stock gained 5.9% in the trading session after rumors surfaced that Google and Facebook are jostling to buy Twitter. On June 19, the shares of Twitter jumped another 4.27% on the heels of another rumor that Google was a serious contender to buy the firm. It is not surprising that the stock climbed another 9% after today’s rumor.The fact that Twitter is surging after every buyout rumor suggests that investors are tired with how the firm is being run. A similar theme played out when the news about the exit of Dick Costolo as Twitter CEO broke. The stock rose in that session to add almost $900M to its market cap as investors decided that Twitter was worth $900M more without Costolo at the helm.Current CEO, Jack Dorsey is still an insider; hence, the investors’ sentiment about the direction of the firm is not likely to have changed. It is only a matter of time before Twitter listen to investors and offers itself for sale.