BERLIN, GERMANY – SEPTEMBER 2: Tesla leader Elon Musk arrives at a retreat of the Bundestag CDU / CSU German Christian Democrats 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 to produce RNA vaccines. Today it is rumored to also be the site of the new Gigafactory under construction near Berlin.
Maja Hitij | Getty Images News | Getty Images
Four days after Tesla CEO Elon Musk asked Twitter followers to “use Signal,” a reference to Signal’s encrypted messaging app funded by a nonprofit, investors rose even more plus the price of Signal Advance, a small component manufacturer that has shares for sale. .
During Monday’s trading session, shares rose 438% to a high of $ 70.85, compared to a closing price of 60 cents on Jan. 6, a day before Musk’s tweet. The shares recorded their highest trading volume since it went public in 2014 on Monday; more than 2 million shares changed hands, while on January 4 not a single share was traded. 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 began shortly after Musk’s observation illustrates an occasional problem in public markets of people mistakenly investing in the wrong companies.
A similar case occurred in 2019, as some people bought shares of Zoom Technologies, whose symbol was ZOOM, but it was not the trendy video calling service Zoom Video Communications, which operates under the ZM symbol. Last year the U.S. Securities and Exchange Commission stopped trading Zoom Technologies, in part because of confusion about its connection to Zoom Video.
Signal Advance’s only full-time employee, Chris Hymel, did not immediately respond to a request for comment Monday.
For many years, Musk’s online claims have drawn attention. Last week, Musk’s profile reached new levels as he became the richest person in the world and Tesla’s market capitalization surpassed that of Facebook.
Sunday Musk dit on Twitter that he would give money to support Signal.
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