BERLIN, GERMANY – SEPTEMBER 02: Tesla chief Elon Musk arrives at a retreat of the German Christian Democrat factions CDU / CSU Bundestag on September 2, 2020 in Berlin, Germany. Musk is currently in Germany, where he met yesterday with vaccine manufacturer CureVac, with which Tesla is working to build devices for the production of RNA vaccines. Today it is rumored that it will 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 persuaded Twitter followers to “use Signal,” a reference to a nonprofit-funded Signal encrypted messaging app, investors raised the price of Signal Advance even further. a small component manufacturer whose stock trades over the counter. .
During Monday’s trading session, the shares rose 438% to a high of $ 70.85, up from the closing price of 60 cents on Jan. 6, the day before Musk’s tweet . The stock recorded the highest trading volume since it went public in 2014 on Monday; more than 2 million shares were exchanged, while no shares were traded on 4 January. 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 remark illustrates an occasional problem in the public markets of people who accidentally invest in the wrong companies.
A similar case occurred in 2019, as some people bought shares of Zoom Technologies, whose ticker symbol was ZOOM, but was not the fashionable video calling service Zoom Video Communications, which trades under the ZM symbol. Last year, the US Securities and Exchange Commission stopped trading Zoom Technologies, partly due to confusion over 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 words have attracted considerable attention. Last week, Musk’s profile reached new heights as he became the richest person in the world, and Tesla’s market capitalization surpassed that of Facebook.
Sunday Musk said on Twitter that he will give money to support Signal.
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