Mystery Belize Tech Stock's Value Soars 25,000%

A mysterious technology stock has gained nearly 25,000% in a matter of weeks - giving it a market cap of $6bn (£3.5bn).

However, financial statements reportedly indicate that Cynk Technology has no revenue, assets or full-time employees.

It operates a website called IntroBiz.com - which describes itself as a social marketplace where users pay to be introduced to business professionals and celebrities.

On its entertainment section, "connections" with A-list stars such as Johnny Depp, Nicole Kidman, Emma Watson and Leonardo DiCaprio are offered for a set fee of $50 (£29.18) - although there appears to be no link between the celebrities and the site.

The Wall Street Journal wrote: "How can a social network that no one has ever heard of suddenly be valued at more than $6bn?"

Until now, the Belize-based firm has been virtually unknown, but the "penny stock" started its meteoric rise on June 16.

Its value soared from six cents (4p) to more than $13 (£7.59), and it is now worth more than Spotify and Domino's Pizza.

In earlier regulatory filings, the company said: "We believe that people will pay for introductions that are meaningful since it can save or create significant value to someone's life such as to find the right executive, nanny, software developer – or even the right squash player.

"Instead of paying for a lunch that neither party wants to eat, parties can get down to business knowing that their time has been valued."

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