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Wrong stock goes up after Elon Musk tweets to urge people to use Signal

Rida Shaikh

Amid WhatsApp's new privacy policy and recent updates, many people have stopped using the messaging service and switched to other apps like Signal or Telegram while the others are still effectively considering that option. The richest person in the world, Elon Musk, also decided to participate in the trend and encourage the people to use Signal via his official Twitter handle. The tweet went viral and as a result of this, the Signal Advance share price saw near-mythical gains of +11,708% in just a few days (+885% on Monday itself).

But there was just one hilarious problem, the gains in the share price had absolutely nothing to do with the messaging service Signal that has been very much hyped up in recent times.

However, this isn't the first time that something like this ever happened. In the year 2019, investors flocked their money the wrong Zoom stock during the video conferencing's company debut on the NASDAQ.

Up till now, Elon Musk's "Use Signal" tweet has garnered over 15,000 comments, 53,400 shares including a retweet from Twitter's CEO Jack Dorsey and almost 329,100 likes. Before Elon Musk decided to encourage the people to use Signal via his Twitter handle, the messaging service's share price was just US $0.60 After his intervention, Signal's share price surged to US $70.85, as of Monday. In recent days, the share price of the messaging app shot up to US$3.16 billion.

The Signal Advance share price is currently hovering around US $38.70.

 

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