Signal Advance’ stock had consistently traded below $1 since 2015 As Signal Foundation is a non-profit organisation, it is not listed in stock exchanges. According to an article published in New Yorker in October, Signal runs entirely on donations. Signal is a cross-platform encrypted messaging service developed by the Signal Foundation and Signal Messenger LLC. “We’re an independent 501c3 and our only investment is in your privacy.” Signal tweeted. “It’s understandable that people want to invest in Signal’s record growth, but this isn’t us,” Signal wrote. The unprecedented surge in the Signal Advance’s stock price also prompted Signal messaging app to post a tweet stating that they had got nothing to do with Signal Advance. Signal messaging app issues clarification, says it has got nothing to do with Signal Advance On Thursday, he became the world’s richest man and subsequently on Friday, Tesla became the fifth most valuable company in the US. The wild trading on an unknown stock and the disruption of the Signal’s servers, triggered by Musk’s recommendation underscores the Tesla CEO’s growing influence.
However, Musk’s suggestion to use Signal caused disruption to Signal servers as it witnessed a remarkable spike in the app downloads by the new privacy-conscious users. When Musk asked people to use Signal, he was referring to the Signal messaging app which is operated by a nonprofit organisation and serves as an alternative to texting apps such as Whatsapp, Facebook Messenger, Telegram and others.
In a matter of two days, the share price of Signal Advances, which was earlier hovering around 60 cent mark, rose to $ 7.19. įollowing Musk’s tweet exhorting his followers to use the open-source app Signal, share prices of an obscure and relatively unknown company which goes by the name “Signal Advances” saw a staggering surge of 527 per cent on Thursday, followed by another 91 per cent on Friday. However, little did he may have imagined that his tweet would set off a massive buying in an unrelated stock with a similar name. After Whatsapp made changes to its privacy policy, billionaire entrepreneur and Tesla CEO Elon Musk called upon his followers on Thursday to “Use Signal”, an encrypted messaging app called Signal.
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