- Signal Advance climbed to 11,708% after Elon Musk tweeted “Use Signal” on Thursday.
- Investors seem to have confused Musk’s tweet recommending that people use a privacy messaging app with an unrelated publicly traded company.
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Signal Advance shares have climbed to 11,708% since Tesla CEO Elon Musk tweeted “Use Signal” to its 42 million subscribers Thursday.
Investors appear to have confused Signal Advance with the crypto-messaging platform Elon Musk recommended his subscribers to use, Signal.
Signal Advance is a micro-capitalization technology stock that trades on the OTC market. Nonetheless, Signal Advance shares fell from $ 0.60 just before Musk’s tweet on Thursday to $ 70.85 on Monday.
Signal Advance’s market capitalization has grown from $ 6 million last week to almost $ 300 million today. Shares climbed to 885% on Monday.
This is not the first time that investors have been baffled by two companies with similar names. Amid the COVID-19 lockdown, shares of Zoom Technologies soared as investors mistook OTC penny stock for Zoom Video Communications.
The SEC has finally temporarily halted trading in Zoom Technologies.
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