While Elon Musk, the richest person in the world, encouraged him to use Signal, while the shares of the messaging app Signal were expected to increase, the share prices of a company called “Signal Advances” increased by 527 percent the day the tweet was launched. As the increase continued on Friday, the value of the shares rose 1300 percent from $ 0.6 to $ 8.
The unprecedented increase in Signal Advance’s stocks also caused the Signal messaging app to send a tweet. Stating that it has nothing to do with Signal Advance.
Signal Advance, founded in 1992 under the name Biodyne in Texas, serving medical and legal professionals. In 2014, it changed its name to Signal Advance, focusing on technology in the healthcare industry, and became a listed company. While the company’s share values have been traded below $ 1 since 2015, the company’s market value is very small and its financial data is not reported with the US stock market watchdog SEC.
As of March 2019, the market value of Signal Advance, which has no full-time employees other than the company’s CEO Chris Hymel, has increased 13 times, from $ 55 million to $ 660 million in a few days.
Similarly before, investors waiting for Twitter to be listed on the stock exchange invested in a company called Tweeter Home Entertainment Group, and the company’s shares increased by one thousand percent.