Twitter’s share price spiked 5.8% this afternoon following rumours that the social media company had received an offer to be bought out for $31 billion.

Twitter's stock surges 5.8% after report of takeover bid http://t.co/egeFU5jDJ9

— MarketWatch (@MarketWatch) July 14, 2015

Shares crashed back down within minutes once traders realised they had been duped by a website called Bloomberg.market that had been made to look exactly like Bloomberg.com.

Smartest men in the room…

UPDATE:

According to ICANN, the http://t.co/xSRi0gwjKb domain was registered last Friday (July 10) to someone who lists a Panama PO Box.

— Steve Kopack (@SteveKopack) July 14, 2015