In light of the recent update in Facebook’s privacy policy which, in turn, affects WhatsApp user data, many have been in search of an alternative secure encryption messaging platform. Late last week, Tesla CEO and freshly anointed world’s richest person – Elon Musk – decided to fire off yet another one of his famous market swaying tweets, advocating for such an alternative: “Use Signal”. The direct result? At the height of its newly-found hype, the Signal Advance share price (OTCMKTS: SIGL) saw near-mythical gains of +11,708% in just a matter of days (+885% on Monday alone). There was just one hilarious problem… it has absolutely nothing to do with the app in question.
This wouldn’t exactly be the first time something like this happened. In 2019, investors flocked to the wrong Zoom stock during the video conferencing company’s debut on the NASDAQ; due largely to the fact that ticker code ZOOM was held by a small wireless communications operation in China, whereas the Zoom Technologies we all know and love trades under the ticker code ZM. Still, the impact experienced by old-mate Musk’s one-time blast is undeniable.
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To date, the “Use Signal” tweet has accumulated over 15,500 comments, 53,400 shares – including a retweet from Twitter CEO Jack Dorsey – and a considerable 329,100 likes (plus God knows how much visibility considering total reach beyond his 42 million followers, media coverage, word of mouth, etc.). In terms of the dollar figure, the Signal Advance share price sat at just US$0.60 prior to Musk’s divine intervention, climbing as high as US$70.85 at the start of this week, and bumping its market capitalisation all the way up to US$3.16 billion.
The Signal Advance share price has since been (somewhat) corrected, currently hovering around US$38.70 at the time of this writing.
