What happened and why “Use Signal”. A two words tweet from Tesla CEO, Elon Musk, sent investors on a shopping spree. In a case of mistaken identity, a chunk of Musk’s 42 million cult followers rushed to buy shares in a small medical device company called Signal Advance (+438.48%), leading to its shares taking off as much as 11,708%. 📶 Weak Signal… Musk was in fact pointing people towards an encrypted messaging app:How it started: With Whatsapp’s new terms of service forcing people to share their private data with Zuck’s social media giant Empire, Facebook, Tesla’s CEO decided to chirp up about an alternative service, Signal, in his trademark no-details-necessary style.FYI: Signal Advance is not Signal. But that didn't stop deranged investors from pouring money into Signal Advance... leaving the company valued at $390M. On 4th January, no shares were traded in Signal Advance... on the 11th Jan... 2 million shares changed hands. The company, which reporting $0 of revenue in 2015 and 2016, was briefly worth more than $3 billion dollars. Mistake rectified… Shortly after, reports about the misunderstanding emerged. However, with the company in the limelight, it has held onto a valuation north of $1 billion. - not bad for a small Texan manufacturer. The Takeaway Playing "Elon Says"… This is not the first time Elon Musk has influenced the fate of a company with one tweet - including his own tech empire. Signal Advance’s CEO zeroed in on there being no link between Tesla’s CEO and his company, and urged investors to trade responsibly and do their due diligence.
