Louis Navellier's Blog
Did you know that, for one day, Volkswagen was “the world’s priciest firm” in the stock market? On October 28, 2008, the stock soared more than 93% on news that Porsche had acquired a 74% ownership in Volkswagen. Volkswagen shares didn’t surge because it was a fundamentally sound company with years of significant upside ahead, but because it had been heavily shorted.
Following the announcement, short sellers were forced to pay up to 1,005 euros, as there was less than 6% of the voting stock still available in the market. Very briefly, the company’s market cap soared to 296 billion euros, or $370 billion in U.S. dollars, which was more than Exxon Mobil’s $343 billion market cap.Read More
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