Tesla boss Musk is a fan of the Whatsapp alternative Signal and also tweeted it. The share also benefited from this – albeit a completely wrong one.
There were just two words that moved a lot: “Use Signal,” tweeted electric car pioneer and Tesla boss Elon Musk to the world on Thursday last week. He was referring to the Signal messenger app, which is currently receiving users due to the change in Whatsapp’s terms and conditions and which he apparently considers to be the better alternative.
But what happened next, Musk had no idea: The share of Signal rose – and how. Not from Messenger Signal, however, but from the previously unknown Signal Advance, a company that manufactures medical devices. Apparently, numerous investors mixed up the companies.
Signal Advance stock up 438 percent
Signal Advance stock rose intermittently to a high of $ 38.70 on Monday. For comparison: on Wednesday last week, one day before Musk’s tweet, it was still worth 60 cents – so it rose by 438.25 percent.
On Monday alone, the share was traded two million times, not a single time a week before. In a year-on-year comparison there was an unbelievable increase of 64,292.68 percent – a year ago the share was only worth 6 cents.
And that even though the Messenger Signal pointed out the misunderstanding on Friday, when a rise in the Signal Advance share became apparent.
The hunt for records did not last long, however: the share crashed, is now only worth around $ 16 – but at least just under $ 16 more than a week ago.
By the way: You cannot invest in the share of the Messenger app at all. Because it doesn’t even exist. Signal is run by a charitable foundation – not a public company.
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Elon Musk tweeted words investors choose wrong company