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Elon Musk suggested, wrong Signal shares increased: 1300 percent increase

After Whatsapp changed its privacy policy, Elon Musk’s tweet promoting his messaging app Signal blew the wrong company’s shares. Users invested in a company called “Signal Advances” operating in the field of health technologies. While it was announced that the messaging application Signal was not listed on the stock exchange, the share prices of the company Signal Advances, which has a similar name, rose 527 percent on the day of the tweet. Shares have increased by 1,300 percent in the last four days and rose from $ 0.6 to $ 8. Signal Advance’s market value also increased 13 times, from $ 55 million to $ 660 million.

After the change in Whatsapp’s privacy policy, Tesla and Space X CEO Elon Musk tweeted; “Use Signal” about the messaging app Signal.

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.

Signal suggested by Musk to be used after Whatsapp changed its privacy policy; It provides a cross-platform encrypted messaging service developed by Signal Foundation and Signal Messenger LLC. According to an article published in the New Yorker in October, Signal is fully funded and therefore not listed on stock exchanges.

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.

Written by Maraaz

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