Twitter shares spike on fake Bloomberg story that it's selling for $31 billion

Twitter shares spiked Tuesday on a fake report the company had found a buyer.

A report on a website made to look like Bloomberg.com said Twitter had gotten an offer to be taken over for $31 billion.

Bloomberg spokesman Ty Trippet subsequently said the Twitter story was fake.

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After circulation of this article, which we first saw at The Fly, shares of Twitter spiked by as much as 5%.

Shares of the company quickly gave up most of those gains in morning trade Tuesday.

Here's the wild ride in the stock.

Google Finance

Here's a screengrab from the fake Bloomberg.com, bloomberg.market.

Screenshot