Elon Musk “gave” $ 600 million to a small American company

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Elon Musk

Another incident occurred in the stock market: after the call of the founder of SpaceX and Tesla, Elon Musk, to use the Signal messenger, the shares of Signal Advance, which had nothing to do with the application, soared in price.

Musk's advice was dictated by a change in the privacy policy of the popular messenger WhatsApp, while Signal is open source and highly personal data protection.

The entrepreneur's subscribers rushed to buy up shares of the little-known company Signal Advance, which develops and uses technologies in the healthcare field. As a result of the error, the market value of Signal Advance shares increased from $ 0.6 to $ 7.19, and the company's capitalization increased from $ 55 million to $ 660 million.

It is not known what Signal Advance thinks about this, but the application developers commented on the situation:

– It is clear that people want to invest in Signal's record growth, but this is not us. We are an independent company and our only investment is in your privacy.

In 2019, investors confused Zoom's video calling service with the Chinese company Zoom Technologies and raised its share price thousands of times; last year they made the same mistake, but this time Zoom Technologies shares rose only fivefold.

In 2014, a similar thing happened with the value of the shares of Tweeter Home Entertainment Group in the wake of the hype interest in social networks – the company was confused with the famous Twitter.

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