As we reported over the weekend, on Thursday morning, Musk urged his Twitter followers to "use Signal," an encrypted messaging app as an alternative to WhatsApp or Facebook Messenger.
However, since the market is caught in a speculators paradise, the first immediate thought that flowed through the minds' of Robinhood traders after Musk tweeted was to buy a micro-cap Texas healthcare company pennystock called Signal Advance (SIGL) - with no full time employees other than the CEO - which surged from the low millions to nearly a $100m market cap on just that one misinterpreted tweet.
It was up 1200% over Thursday and Friday even including Friday trading when the error should have been known. In fact, on Friday even Signal (the app, not the company) took to Twitter to explain that it has nothing to do with Signal Advance.
"It's understandable that people want to invest in Signal's record growth, but this isn't us," Signal tweeted. "We're an independent 501c3 and our only investment is in your privacy."