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If a billion-dollar company was in Las Vegas, you'd probably expect to have heard about it, wouldn't you? Even Caesars is only worth $20-some billion, but CYNK was recently valued at $6 billion, even though it had no apparent business and only one employee. And, by the way, the company was based in Las Vegas.
So how did this mysterious outfit get its shares to such stratospheric heights? And what does it say about the way in which the share market operates? And does this tell us that Nevada needs to revamp its corporate regulations to avoid what is beginning to look like things are not all above board.
Zeke Faux, reporter, Bloomberg Businessweek