BERLIN, GERMANY – SEPTEMBER 02: The head of Tesla, Elon Musk, is reaching a retreat of the German Christian Democratic Bundestag fashion on September 02, 2020 in Berlin, Germany. Musk is currently in Germany where he met with vaccine maker CureVac, with whom Tesla is collaborating to build machines to produce RNA vaccines, yesterday. The site of the new Gigafactory under construction near Berlin is reported today.
Maja Hitij | Getty Images News | Getty Images
Four days after Tesla CEO Elon Musk urged Twitter followers to “use Signal,” a reference to the encrypted messaging app Signal funded by a nonprofit, investors pushed even higher. price of Signal Advance, a small components manufacturer whose stock trades over the counter.
During Monday’s trading session, the stock rose 438% and reached a high of $ 70.85, up from a closing price of 60 cents on Jan. 6, day before tweet Musk. The stock saw its highest trading volume since going public in 2014 on Monday; over 2 million shares of hands changed, and on January 4, not a single share of the stock was traded. Signal Advance, which said it made no revenue in 2015 and 2016, is now worth more than $ 3 billion.
Advance Signals inventory
CNBC
The buying fever that started shortly after what Musk said surfaced occasionally in public markets of people investing in the wrong companies by mistake.
A similar case was played out in 2019 because some people bought shares of Zoom Technologies, which had a ZOOM ticker mark but was not the Zoom Video Communications mobile video calling service, which trading under the ZM symbol. Last year the U.S. Securities and Exchange Commission suspended trading of 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 resources have attracted a lot of attention. Last week Musk’s image reached new heights as he became the richest man in the world and Tesla’s market capitalization was higher than Facebook’s.
On Musk Sunday said on Twitter that he would raise money to support Signal.
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