Elon Musk accidentally triggered a 438% jump in stock when he tweeted out the concise message, “use signal.” After the billionaire CEO tweeted the message investors quickly started buying up shared of Signal Advance Inc., a small Texas-based company known for making devices that helps diagnose health issues. The issue that Musk was talking about a completely different Signal which is actually an encrypted messaging service. But before you rush to buy shares in the other Signal you should know the company is not publicly traded.
— Elon Musk (@elonmusk) January 7, 2021
“The company’s stock, traded over the counter, spiked to $3.76 on the day of Musk’s tweet from 60 cents the day before,” the New York Post reported. “The shares nearly doubled to $7.19 on Friday and then skyrocketed 438 percent to $38.70 on Monday despite news reports about the apparent ticker confusion.”
The Signal app, though, has been exploding. It has been downloaded more than 30 million times in recent weeks as users search for alternatives to social networks following Twitter kicking President Donald Trump off and Amazon shutting down Parler, a conservative social media company.
Built by a Swedish-based developer, Signal has risen to the top of the Apple App Store and near the top of the Google Play Store, Fox News reported.
The message is scrambled immediately after being sent. Even Signal can’t read the message, only the recipient can see the unscrambled message. “Because everything in Signal is end-to-end encrypted, the Signal service does not have access to any of this data,” the app says on its website.
Keep reading at The Daily Wire.