Talk about Elon, in general here.
Elon Musk told his followers to 'use Signal,' leading to 1,100% surge in unrelated stock with similar name
The Signal messaging app is funded by donations and has nothing to do with a small company called Signal Advance.
And, it happened again on Monday!
Signal Advance the component maker and Signal the encrypted messaging app are not related, despite their names.
It closed at $38.70 on Monday. It was only 60 cents/share last week before surges.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, a day before Musk’s tweet. The stock saw its highest trading volume since going public in 2014 on Monday; more than 2 million shares changed hands, while on Jan. 4, not a single share of the stock was traded. Signal Advance, which reported receiving no revenue in 2015 and 2016, is now worth more than $3 billion.