Apparently, some traders thought they could make some serious money Thursday on a Tesla-related penny stock, driving it up 10,000% in a matter of hours. But will they be able to collect?
That's the big question surrounding Riviera Tool (RIVT), a machining company based in Grand Rapids, Mich. The Detroit Free Press reported Wednesday night that electric-car maker Tesla Motors (TSLA) plans to acquire Riviera Tool, and its stock went through the roof in over-the-counter trading.
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That's what can happen when your company appears to be poised to take a new name that could be magic with investors: Tesla Tool and Die.
But as the Free Press' Nathan Bomey reports, the stock might be worthless. Though it can still be traded, the stock had languished and buying it might be akin to purchasing shares of pre-bankruptcy General Motors, instead of today's GM, he writes.
No comment from the company, according to Bomey.
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Riviera Tool shares started Thursday at less than a penny, rose quickly to 60 cents, and settled back to 22 cents — a mere 4,400% for the day.
The company has about a staff of 100 and makes parts for Tesla, which has its electric car factory in Fremont, Calif.