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That's a passive riser card with a flex cable, meaning you need 2 x16 slots next to each other to plug that into and make it a right angle orientation or offset orientation. If you look carefully behind the silver foil, there is a second slot plug. It is not to make 1 card slot into 2 card slots. There are active riser cards to do what you want, but they are for specific applications and will cost many times he cost of a new motherboard with more slots.
Nice, yeah that's exactly what I was thinking. This would be good for a 3U server or other small-form factor system.