Signal Advance jumps another 438% after Elon Musk fueled the buying spree

BERLIN, GERMANY – SEPTEMBER 2: Tesla boss Elon Musk comes to a retreat of the CDU / CSU parliamentary group of the German Christian Democrats on September 2, 2020 in Berlin, Germany. Musk is currently in Germany, where he met yesterday with vaccine maker CureVac, which Tesla is working with to build equipment to make RNA vaccines. Today it is also said to have the location of the new Gigafactory under construction near Berlin.

Maja Hitij | Getty Images News | Getty Images

Four days after Elon Musk, CEO of Tesla, urged Twitter followers to use “Signal,” a reference to the nonprofit funded Signal-encrypted messaging app, investors got the price from Signal Advance, a maker small components whose shares are traded over the counter, increased even further.

During Monday’s trading session, the stock rose 438% to hit a high of $ 70.85, after closing at 60 cents on Jan. 6, the day before Musk’s tweet. The share recorded its highest trading volume since going public in 2014 on Monday; More than 2 million shares changed hands while not a single share was traded on January 4th. Signal Advance, which had no revenue in 2015 and 2016, is now worth more than $ 3 billion.

Signal Advance stock chart


The buying fever that set in shortly after Musk’s comment highlights an occasional problem in the public markets of people inadvertently investing in the wrong companies.

A similar case occurred in 2019 when some people bought shares in Zoom Technologies, whose ticker symbol was ZOOM, but not the trending video calling service Zoom Video Communications, which operates under the symbol ZM. Last year, the US Securities and Exchange Commission stopped trading Zoom Technologies, partly because of confusion over its association with Zoom Video.

Signal 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 as he became the richest person in the world and Tesla’s market cap surpassed Facebook’s.

On Sunday musk said on Twitter that he would give money to support Signal.

CLOCK: Palihapitiya on Musk: The richest person in the world should be someone fighting climate change

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