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IPO for F/rite Air -- April Fool's Day, 2000
By April 2000, the dot.com bubble was rapidly deflating. This didn't deter hundreds of Dutch investors from lining up to buy shares in F/rite Air, which was being billed as a hot new technology company backed by supporters such as Bill Gates, Paul Allen, and George Soros. The announcement about the company's IPO was posted on iex.nl, a financial web site for Dutch investors. It was reported that shares in the IPO could be reserved for $18 each by email, although it was said that analysts anticipated the stock soaring to above $80 on the first day of its filing. The company seemed like a sure thing, and almost immediately orders worth over $7 million flooded in. The orders didn't stop coming in even after the newspapers had revealed the IPO to be an April Fool's Day joke. F/rite air was a pun for 'Fried air' (i.e. Hot Air).
Note that "fried air" is a transliteration of "gebakken lucht". The Dutch saying "gebakken lucht verkopen" (selling fried air) is used to indicate a scam.Posted by Timo Frenay on Fri Apr 01, 2005 at 09:43 AM
Ouch terrible joke to pull on investorsPosted by Emelia in CT on Wed Jan 30, 2008 at 05:58 AM
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