“People no longer want to exchange their privacy for free services,” Durov wrote on his Telegram channel.
According to a report by CNBC, between January 6 to January 10, Signal installs reached close to 7.5 million globally. We also saw the world’s now richest man Elon Musk seizing the opportunity and tweeting a two worded tweet reading: Use Signal. His promotion undoubtedly helped gain the app a huge number of new users. However, by the end of the day, Signal Advance Inc. shares had surged more than sixfold. As of January 11, the tweet was enough to push Signal Advance’s rally more than 5,100% in three trading days giving it a market valuation of $390 million. People confused the encrypting message service app with Signal Advance, a tech company based in Texas. Despite reports about the confusion on Friday, the stock has continued to rally. Shares of the Rosharon, Texas-based company surged as much as 885% on Monday before paring the gains.