Why a tweet from Elon Musk resulted in a 5.675% increase in Signal Advance stock
Talk about a case of mixed signals.
On January 6, the actions of Signal Advance SIGL,
closed at 60 cents per share, a solid gain for the Rosharon, Texas-based biotech company formerly known as Biodyne Development Company.
A day later on Thursday, the company’s shares surged 527% to $ 3.76 – then went bankrupt, after apparent teleprinter confusion amplified a move in the OTC security in the ether. The flare came after Tesla Inc. TSLA,
CEO Elon Musk recommended that people “use the signal,” switching to Twitter’s encrypted messaging platform Signal, TWTR,
and Facebook FB,
after the Sturm und Drang on politics and social media platforms after the Capitol Hill riots last week.
Signal, the messaging platform, is not a publicly traded company, but that hasn’t stopped Signal Advance from continuing its ascent, surging 5,643% and pushing its market value to $ 3.164 billion from 55. million dollars last Wednesday.
The move was so powerful that the courier weighed in on Friday:
What is curious is that a lot has already been said that Signal Advance is not Signal in a number of press articles, but the actions of the former have refused to return to Earth and have saw an increase of almost 400% on Monday.
The Signal Advance website appeared to be down on Monday, and those looking to access it received this message: “The website is temporarily unable to fulfill your request because it has exceeded the resource limit. Please try again later.”
A call to the company, founded by Chris M. Hymel in 1992, according to FactSet, was not immediately returned.
On Tuesday, the stock gave way to gravity after the meteoric uptrend, down around 60%.
Meanwhile, the Signal messaging app advertises itself as an open source service developed by the Signal Foundation and Signal Messenger around 2014 and has seen its usage increase during times of political upheaval.