This $4 Billion Social Network Has No Revenue, Assets, or Employees

Analyzing the top news stories across the web
July 10 2014 11:20 AM

This $4 Billion Social Network Has No Revenue, Assets, or Employees

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Bubble stocks

Photo by Gabriel Bouys/AFP/GettyImages

This post first appeared in Business Insider.

Yesterday, we wrote up the strange case of CYNK Technology.

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The company's stock gained nearly 25,000 percent in just 16 trading days, giving it a market cap of over $4 billion. But as we noted, it's not clear if the company really exists, as financial statements indicate that it has no revenue, assets, or full-time employees.

But there is a website, IntroBiz.com, that the company operates. Not that this makes the picture much clearer.

CYNK Technology appears to operate the website IntroBiz.com, a social network (the website calls it a "social marketplace"), where users pay to be introduced to business professionals or celebrities. Or at least, this is what it seems like the site does.

introbiz1

Screenshot

Here's what you find under the "Entertainment" tab on IntroBiz.

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IntroBiz.com

Chances seem low that you'd be able to get connected with Emma Watson, or Charlize Theron, or Leonardo DiCaprio for $50, via IntroBiz or otherwise.

The ability to connect with these celebrities is marketed by artistblackbook, one of two "Top Socialites" on IntroBiz.com.

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IntroBiz.com

artistblackbook and worldtalent appear to be the only two "socialites" on IntroBiz. But the numbers don't make a ton of sense.

We're not exactly sure what the difference between an "introduction" and a "sale" is, but since the company hasn't reported any revenue, it's not clear what exactly a "sale" or "introduction" entails.

But neither artistblackbook nor worldtalent have any followers.

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IntroBiz.com

Under the "Business Professionals" tab, you can buy connections to professionals in different areas, like consulting, motivational speaking, and fitness.

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IntroBiz.com

And the individual pages for some of these people is quite interesting.

Harvey Bird: The Fitness Guru, for example, says to prospective customers that, "I am experience in sculpting the body."

Harvey Bird's offer, which seems basically like some health and fitness consulting (though only a diet plan, not a fitness one, is marketed), also has a great deal for members who pay from their IntroBiz account: $5 off a $1500 offer.

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IntroBiz.com

The most expensive service on the site appears to be storytelling.

For $5000, John Sterd offers to help clients tell their 'story' (quotes his) and "engage people."

This package has apparently been purchase 23 times, and after 11 votes, has a 5 star rating. It is also a worldtalent product.

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IntroBiz.com

As of about 10:30 am EST, shares of CYNK Technology were trading at nearly $16, or up nearly 8 percent from yesterday.

It remains to be seen how the stock story—which at this point is certainly divorced from any business plans the company has—plays out.

IntroBiz indicates that there has some buying and selling going on, but it appears this hasn't resulted in any revenues for CYNK Technology.

Eventually, something's got to give.

Myles Udland is a reporter for Business Insider.

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