A small misunderstanding yesterday resulted in investors piling on Signal Advance (OTCMKTS: SIGL) stock after a misunderstood Tweet from Elon Musk.
On Thursday morning, Tesla CEO Elon Musk posted a tweet that simply said “Use Signal.” His endorsement of the encrypted messaging service lured thousands of investors hungry to make a fat profit on shares of SIGL stock. But there is a problem. Signal Advance is not anyway related to the Signal app.
Signal Advance is a tech company that specializes in reducing delays in devices that rely on analog signals. That’s a far cry from anything that the Tesla CEO was talking about yesterday. Regardless of which, more than 447,000 shares were traded today. That’s way above SIGL stock’s daily average trading volume of only about 10,000 shares.
The app is the idea of Moxie Marlinspike and Brian Acton. Marlinspike has been involved in the encryption market for almost a decade now with the launch of TextSecure and Red Phone in 2010. Acton’s also widely popular as the co-founder of another social media; WhatsApp.