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Shares of Signal Advance have soared as much as 11,708% since Thursday after Tesla CEO Elon Musk tweeted “Use Signal” to his 42 million followers.
Investors seem to have confused Signal Advance with the encrypted messaging platform ‘Signal’ that Elon Musk was advocating his followers to use.
Signal tweeted by Musk is an alternative to WhatsApp which has gained lots of traction following WhatsApp’s new policy mandate to users.
Read: ‘Signal’ an alternative to WhatsApp – Features and all you need to know
On the other hand, Signal Advance is a micro-cap technology stock that trades on the OTC market.
The shares of Signal Advance soared from $0.60 just before Musk’s tweet on Thursday to as high as $70.85 on Monday.
Signal Advance’s market capitalization soared from $6 million last week to nearly $300 million today. Shares climbed as much as 885% on Monday, according to Business Insider.
Investors often confuse two similarly named companies. Amid the COVID-19 lockdown, shares of Zoom Technologies soared as investors confused the OTC penny stock with Zoom Video Communications.
The SEC ultimately halted trading in Zoom Technologies temporarily.
By: Ifunanya Ikueze
