Tesla CEO Elon Musk’s two-word app recommendation on January 7 turned into a massive rally in the shares of a medical device company, in the latest case of mistaken identity. While Musk referred to the encrypted messaging service, by the end of that day Signal Advance Inc. shares had surged more than sixfold, according to a Bloomberg report. This boost was enough for Signal Advance’s rally more than 5,100% in three trading days giving it a market valuation of $390 million.
Further, even after the reports of confusion on Friday, the stock reportedly continued to spike up. Before paring the gains, the shares of the Rosharon, Texas-based company surged nearly 885% on Monday. As per the media outlet, the company’s CEO, Dr. Chris Hymel said that “We strongly recommend people do their due diligence and always invest with care”. Signal Advance has no association with Musk or the mobile application he recommended. Even the messaging app clarified the same on Twitter.
Use Signal— Elon Musk (@elonmusk) January 7, 2021
Is this what stock analysts mean when they say that the market is giving mixed Signals?— Signal (@signalapp) January 8, 2021
It's understandable that people want to invest in Signal's record growth, but this isn't us. We're an independent 501c3 and our only investment is in your privacy. pic.twitter.com/9EgMUZiEZf
Following Musk’s brief app recommendation, encrypted messaging app Signal received a fresh wave of new users and the surge in sign-ups delayed sending out the verification codes that are needed to activate new user accounts. Tesla CEO’s tweet about the app came after he indirectly criticized Facebook as bearing responsibility for the rioters who attacked the US Capitol, via meme.
We continue to shatter traffic records and add capacity as more and more people come to terms with how much they dislike Facebook's new terms. If you weren't able to create a new group recently, please try again. New servers are ready to serve you.— Signal (@signalapp) January 10, 2021
A WhatsApp spokesperson reportedly said that the change was to allow businesses to store WhatsApp chats by basically using Facebook's enhanced infrastructure. However, it didn't explain why the platform decided to make changes. Mike Butcher also tweeted and said as Whatsapp will share it's users personal information, the only way out is to leave service and switch to Signal or Telegram.
WhatsApp will share its users' personal information, including phone numbers, IP addresses, contacts, & more with Facebook from Feb. 8, according to the new T&Cs. No opt-out. The only way to object is to leave the service & move to a service like Signal or Telegram. https://t.co/FbGcq5T3JB— Mike Butcher (@mikebutcher) January 6, 2021
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