Reuters
- Signal Advance rose to 11,708% after Elon Musk tweeted “Use Signal” on Thursday.
- Investors seem to have confused Musk’s tweet advocating that people use a privacy messaging app with an unlisted public company.
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Signal Advance shares have risen up to 11,708% since Tesla CEO Elon Musk tweeted “Use Signal” for its 42 million followers on Thursday.
Investors seem to have confused Signal Advance with the encrypted messaging platform that Elon Musk was advocating for his followers to use, Signal.
Signal Advance is a stock with micro capitalization technology traded on the over-the-counter market. However, Signal Advance’s stock soared from $ 0.60, just before Musk’s tweet on Thursday, to $ 70.85 on Monday.
Signal Advance’s market capitalization skyrocketed from $ 6 million last week to nearly $ 300 million today. The shares rose up to 885% on Monday.
This is not the first time that investors have been confused by two companies with similar names. In the midst of the COVID-19 blockade, Zoom Technologies’ shares soared while investors mistook low-cost OTC shares for Zoom Video Communications.
The SEC ended up temporarily suspending Zoom Technologies trading.
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