BERLIN, GERMANY – SEPTEMBER 02: Tesla chief Elon Musk arrives at a retreat of the German Christian Democrats CDU / CSU Bundestag faction 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 partnership to build devices for producing RNA vaccines. Rumor has it that he is also visiting the site of the new Gigafactory under construction near Berlin today.
Maja Hitij | Getty Images News | Getty Images
Four days after Tesla CEO Elon Musk urged Twitter followers to use “ Signal, ” a reference to the nonprofit-funded Signal app for encrypted messaging, investors pushed the price of Signal Advance, a small manufacturer of components whose the shares are traded over the counter, even higher. .
During Monday’s trading session, the stock rose 438% and peaked at $ 70.85, up from a 60 cent closing price on Jan. 6, a day before Musk’s tweet. The stock had its highest trading volume since the IPO in 2014 on Monday; more than 2 million shares changed hands, while no share of the stock was traded on January 4. Signal Advance, which reported 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 public markets from people accidentally investing in the wrong companies.
A similar case happened in 2019 when some people bought shares of Zoom Technologies, whose ticker symbol was ZOOM, but not trendy video calling service Zoom Video Communications, which trades under the symbol ZM. Last year, the U.S. Securities and Exchange Commission stopped trading Zoom Technologies, in part due to confusion over its connection to Zoom Video.
Signal’s Advance’s only full-time employee, Chris Hymel, did not immediately respond to a request for comment on Monday.
Musk’s online communications have attracted a lot of attention for years. Last week, Musk’s profile reached new heights as he became the richest person in the world and Tesla’s market cap surpassed that of Facebook.
On Sundays Musk said on Twitter that he would give money to support Signal.
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