Reuters
- Signal Advance rose to 11,708% after Elon Musk tweeted ‘use Signal’ on Thursday.
- Investors seem to have confused Musk’s tweet about an encrypted messaging program with an unrelated listed company.
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Signal Advance shares have risen 11.708% since Tesla CEO Elon Musk tweeted ‘uses Signal’ on Thursday to its 42 million followers.
Investors seem to have confused Signal Advance with Signal, the encrypted messaging platform that Musk encouraged his followers to use.
Shares of Signal Advance, a micro-cap technology stock trading on the over-the-counter market, rose to $ 70.85 on Monday from $ 0.60 just before Musk’s tweet Thursday.
Signal Advance’s market capitalization rose to nearly $ 300 million from $ 6 million last week. Shares rose to 885% on Monday.
This is not the first time that investors have been confused by two similar companies. In March, during COVID-19 exclusions, Zoom Technologies shares soared as investors confused the OTC penny stocks with Zoom Video Communications. The Securities and Exchange Commission has temporarily suspended trading in Zoom Technologies.
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