An unfortunate scam yesterday leads to investors Signal Advance (OTCMKTS:SIGL) stock after a misunderstood Tweet from Tesla (NASDAQ:TSLA) Elon Musk, CEO.
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A Tweet from Musk early Thursday morning simply said, “Use signal.” Its endorsement of the encrypted messaging service has made investors hungry to make a profit on the shares of SIGL. There is just one problem. Signal Advance has nothing to do with the Signal app.
Signal Advance is a technology company focusing on reducing delays in devices that rely on analog signals. This is far from everything the Tesla CEO talked about yesterday. Nevertheless, more than 447,000 shares have changed hands today. This is well above SIGL share’s daily average trading volume of only about 10,000 shares.
So if Singal Advance has nothing to do with the Signal app, then who? The app is the brainchild of Moxie Marlinspike and Brian Acton. Marlinspike has been involved in the coding market for years with the launch of TextSecure and Red Phone in 2010. Acton’s specialty is social media and he is the co – founder of WhatsApp.
It’s all reminiscent of the Zoom video communication (NASDAQ:ZM) en Zoom Technologies (OTCMKTS:ZOOM) confusion that occurred last year. At that point, investors are finally investing their interest in the wrong stocks. Ironically, this was the first time this had happened. The initial public offering of Zoom Video Communications (IPO) also boosted the ZOOM shares.
The SIGL share has risen by 47.1% since Friday morning.
At the date of publication, William White (directly or indirectly) had no positions in the securities mentioned in this article.
Article printed from InvestorPlace Media, https://investorplace.com/2021/01/signal-stock-confusion-did-elon-musk-tweet-have-investors-piling-into-sigl-stock/.
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