BERLIN, GERMANY – SEPTEMBER 02: Tesla head Elon Musk arrives at a retreat for the German Christian Democrats faction CDU / CSU Bundestag on September 2, 2020 in Berlin, Germany. Musk is currently in Germany, where he met yesterday with vaccine maker CureVac, with which Tesla has a cooperation to build devices for the production of RNA vaccines. Today, it is rumored that it is also at the site of the new Gigafactory under construction near Berlin.
Maja Hitij | Getty Images News | Getty Images
Four days after Tesla CEO Elon Musk led Twitter followers to “use Signal”, a reference to the Signal encrypted messaging app funded by a non-profit organization, investors further raised the price of Signal Advance , a small component manufacturer whose shares are traded over the counter.
During Monday’s trading session, the stock rose 438% and hit a high of $ 70.85, compared to a closing price of 60 cents on January 6, the day before Musk’s tweet. The stock had its highest trading volume since going public in 2014 on Monday; more than 2 million shares changed hands, while on January 4, not a single share was traded. Signal Advance, which reported having received no revenue in 2015 and 2016, is now worth more than $ 3 billion.
Signal Advance Stock Chart
CNBC
The buying fever that started shortly after Musk’s comment illustrates an occasional problem in the public markets of people who mistakenly invest in the wrong companies.
A similar case occurred in 2019, when some people bought shares in Zoom Technologies, whose symbol was ZOOM, but it was not the fashion video call service Zoom Video Communications, which is marketed under the symbol ZM. Last year, the United States Securities and Exchange Commission interrupted Zoom Technologies’ negotiations, in part because of confusion over its connection with Zoom Video.
Signal’s Advance’s only full-time employee, Chris Hymel, did not immediately respond to a request for comment on Monday.
For many years, Musk’s online statements have attracted considerable attention. Last week, Musk’s profile reached new heights when he became the richest person in the world and Tesla’s market capitalization surpassed that of Facebook.
On Musk Sunday said on Twitter that would give money to support Signal.
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