Signal Advance has climbed 11,708% since a tweet by Elon Musk recommending a privacy app of the same name caused ticker confusion

0
45


  • 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.
  • Visit the Business Insider homepage for more stories.

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.

Read more: BANK OF AMERICA: Buy These 10 Dow Stocks To Profit From Rich Dividends And Long-Term Strategy Ready For A Return In 2021



LEAVE A REPLY

Please enter your comment!
Please enter your name here