Man's Bigfoot-Hunting Company Briefly Valued at $10 Billion
The error was corrected after some investigating by CNBC
Quick, how much money would you say there is in hunting Bigfoot?
At least for a chunk of Wednesday morning, there was quite a bit, apparently.
That’s at least according to the Wednesday morning assessment of Tom Biscardi’s Bigfoot Project Investments Inc by FactSet, a data provider that tracks publicly traded companies. Biscardi’s company had, at that time, a market capitalization of more than $10 billion.
“I gotta tell you something, I nearly s—.” That’s Biscardi describing his first Bigfoot encounter to CNBC. He says he’s personally seen the cryptid seven times in 45 years, starting in Northern California in 1973. Biscardi’s initial encounter sparked a series of videos and a website that refers to him, perhaps inaccurately (medically speaking, at least) as “the Godfather of Bigfoot.”
Biscardi’s company (stock ticker: BGFT) was registered in 2013 with the Securities and Exchange Commission. It’s currently what’s known as a “pink sheets firm,” which means it’s in the same category as penny stocks, shell corporations and other less-than-savory investments.
In filings with the SEC, BGFT says its stock became eligible for trading on June 28. This week, the current share price was $50.01, which, with number of shares in the company outstanding (200 million), created the $10 billion figure.
The thing is, no one understands where that $50.01 figure came from, because, as CNBC reports, BGFT’s current assets are “$221 in cash along with 73 original casts of Bigfoot footprints, a 109-inch skeleton and a rubber suit from a 2008 Bigfoot hoax.” (Filings also note that Bigfoot is known by 15 names across the world, such as “Yeti” in Tibet, “Yowie” in Australia and “Hibagon” in Japan. The more you know.) Biscardi does not collect a salary.
Called by CNBC, Biscardi was unaware of his company’s value. “Wow, that’s a lot of money,” he said. “If I was worth $10.4 billion, I’d do like that guy Trump and I’d run for president.” (Or maybe hire Megan Fox?)
The valuation quickly disappeared under scrutiny, as OTC Markets made a “courtesy call” to its data vendor after CNBC called them. (Perhaps BGFT should relocate to Idaho, where “Bigfoot” is among the most-searched Google terms.)
Still, Biscardi remains optimistic. “I think it will be a helluva market to reckon with down the line, ’cause we’re going to be doing very well,” he said. “Could you imagine if we brought back one of these creatures?” he said. “Think about it.”
Tom, that is literally almost all I do.