Summary List Placement
Signal Advance has soared as much as 11,708% after Elon Musk tweeted “Use Signal” on Thursday.
Investors seem to have confused Musk’s tweet advocating for people to use a privacy messaging app with an unrelated publicly traded company.
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Shares of Signal Advance have soared as much as 11,708% since Tesla CEO Elon Musk tweeted “Use Signal” to his 42 million followers on Thursday.
Investors seem to have confused Signal Advance with the encrypted messaging platform that Elon Musk was advocating his followers to use, Signal.
Signal Advance is a micro-cap technology stock that trades on the OTC market. Nonetheless, shares of Signal Advance soared from $0.60 just before Musk’s tweet on Thursday to as high as $70.85 on Monday.
Signal Advance’s market capitalization soared from $6 million last week to nearly $300 million today. Shares climbed as much as 885% on Monday.
This isn’t the first time investors were confused by two similarly named companies. Amid the COVID-19 lockdown, shares of Zoom Technologies soared as investors confused the OTC penny stock with Zoom Video Communications.
The SEC ultimately halted trading in Zoom Technologies temporarily.
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Source:: Business Insider