BERLIN, GERMANY – SEPTEMBER 02: Elon Musk, head of Tesla, arrives in Berlin, Germany, on September 2, 2020, after a refuge of the German Christian Democrats CDU / CSU Bundestag faction. Musk is currently in Germany where he met yesterday with the vaccine manufacturer CureVac, with which Tesla has a partnership to build devices for the production of RNA vaccines. Today, according to him, the site of the new Gigafactory is also 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 the Signal-encrypted messaging app funded by a non-profit organization, investors announced the price of Signal Advance , a manufacturer of small components, rose even higher.
During Monday’s trading session, the stock rose 438% to hit a high of $ 70.85, compared to a closing price of 60 cents on January 6, a day before Musk’s tweet. The stock has had its highest trading volume since it was announced Monday in 2014; more than 2 million shares changed hands, while on January 4 not a single share was traded in the stock. Signal Advance, which received 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 remark illustrates an occasional problem in the public markets of people accidentally investing in the wrong companies.
A similar case occurred in 2019 when some people bought shares of Zoom Technologies, whose symbol was ZOOM, but not the trendy video calling service Zoom Video Communications, which trades under the ZM symbol. Last year, the U.S. Securities and Exchange Commission halted trading in Zoom Technologies, in part due to confusion over the connection with 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 statements have attracted a lot of attention for many years. Musk’s profile reached new heights last week when he became the richest person in the world and Tesla’s market capitalization surpassed that of Facebook.
On Sunday Musk said on Twitter that he would give money to support Signal.
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