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Musk tells to use Signal, leading to 1100% rise in unrelated stock with similar name

Author : Hromadske outlet

Source : Hromadske

Musk published his message against the background of news about the new rules in WhatsApp
09:24, 12 January 2021

AP photo

Tesla and SpaceX founder Elon Musk released a tweet urging to "use Signal." Within two days after that, Signal Advance shares rose 1,100%. However, this is not the company that Musk wrote about, CNBC reported it.

Related: SpaceX to land humans on Mars in six years, - Musk

Following Elon Musk's Twitter post, Signal Advance shares rose 52.7% on Thursday, January 7, and 91% on Friday, January 8. In two days, they rose from 60 cents to $ 7.19. The market capitalization of Signal Advance increased from $ 55 million to $ 660 million in two days.

The Signal company that Musk had in mind is run by a non-profit organization and is an alternative to Facebook Messenger and WhatsApp. After the sudden rally in Signal Advance shares, the messenger's press service even released a message in which it explained that investors were investing in the wrong company.

Signal Advance was founded under the name Biodyne in Texas in 1992. The company initially provided services to medical and legal professionals. Subsequently, the firm got its current name and began to focus on healthcare technology. The company now has no full-time employees other than CEO Chris Heimel.

Related: Elon Musk’s Starlink broadband terminals get approval in UK

Recall that Elon Musk published his message against the background of news about the new rules in WhatsApp. The messenger said that from now on they will transfer the personal data of users to Facebook. We are talking about account registration data – phone number, data on transactions and interactions with other users, device information, IP address, and the like.

Pavel Durov, the founder of Telegram, even dedicated a post to the new WhatsApp rules, noting that there are already half a billion users in his messenger, including because of this WhatsApp policy. Durov noted that millions of WhatsApp users are outraged by the new rules, so they choose Telegram.

Ostap Kramar

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