Since last week there has been a massive spike in the stock of a company following a Tweet from one of the richest people in the world. The stocks for the Signal Advance soared by 11,708% within days. The micro-cap stock’s value rose from $0.60 to $70.85 since the big swell. The company’s market capitalization went from $6 million to nearly $300 million.
Before you start thinking about investing, you need to know that Signal Advance is not the company that Elon Musk had in fact mentioned. Here is the saga of an epic mix-up that has continued to increase the stock of the small technology company.
Why are people looking to invest in the Signal app?
On January 7, the CEO of Tesla posted four Tweets of which the shortest “Use Signal” sent investors into a tizzy.
— Elon Musk (@elonmusk) January 7, 2021
The SpaceX founder had meant to tell his 42 million Twitter followers to start using the E2E encrypted messaging app Signal. Instead, a large number of people thought that Musk was referring to the small medical technology company Signal Advance.
The incident is similar to that of the Zoom Video Communications and Zoom Technologies mix-up last year.
So, due to the mention by the business magnate the wrong company has attracted the attention of investors.
Looking for the right stock name so that you do not end up investing in the stock that has nothing to do with Musk’s mention? Well, we have a bit of bad news for you…
What is the Signal app’s stock name?
The stock name of Signal Advance is SIGL. And what about the Signal app from Musk’s Tweet?
There is no public stock for the Signal app that you can invest in!
The Signal app is an encrypted messaging service developed by the Signal Foundation and Signal Messaging. The 501c3 company is a non-profit that is not listed on any stock market. Thus, there really is no share available for the public to purchase.
Signal app tried to provide some clarity on Twitter by pointing out that they had noticed the spike in Signal Advance’s stock value but they were not associated with the company.
What can I do to support the Signal App?
If you follow what Musk has to say and want to support the platform that he mentioned then investing in stocks is not the way to go.
In response to a Tweet, Musk said that he had donated to the Signal App already and would be donating more:
Already donated to Signal a year ago. Will donate more.
— Elon Musk (@elonmusk) January 11, 2021
Musk in an older Tweet has spoken about knowing where to donate:
Btw, critical feedback is always super appreciated, as well as ways to donate money that really make a difference (way harder than it seems)
— Elon Musk (@elonmusk) January 8, 2021
So, you can follow the billionaire’s example and donate to the Signal app.
How to donate to the Signal app
Donating your money in support of the Signal app is pretty simple.
You need to go to signal.org/donate/.
On the site, you will get the option of a one-time donation or a monthly donation.
Once you select the option you can either select the preset amounts starting from $3 to $100, or you can enter the amount you want to donate.
Note: Donors from certain parts of the world can donate in their own currency by changing the default USD option to their currency from the drop-down menu.
You can add a comment along with your donation for the app.
By pressing Next you will be taken to the page where you have to enter your personal information. You simply have to enter your name and email address. Here you can even choose to donate anonymously.
The final step is to enter your payment details.
To make the payment you can either pay with your credit/debit card, PayPal, or Google Pay account.
If you have chosen the monthly donation option then the donation amount will get deducted from your account every month.
What is the Signal Advance?
Now that you know that you cannot invest in the Signal App are you still curious about SIGL stock?
Signal Advance and the Signal app are as alike as chalk and cheese.
While the Signal app helps users keep their communication private, Signal Advance develops and manufactures sensors that are used for medical and industrial purposes. The niche manufacturing company was founded in 1992. On their website, the company has details of its technology and its applications.
Elon Musk’s Signal tweet had nothing to do with the Signal Advance company. As the Signal app is not listed, investors found the stocks of the other company and started investing by mistake. This does not seem to have deterred investors even after the Signal app’s tweets.
Update: Although the growth rates may look similar, this stock symbol still has absolutely nothing to do with us.
— Signal (@signalapp) January 11, 2021
Is it worth investing in Signal Advance?
So, what if Singal Advance is not the Signal of Musk’s tweet! Should I not jump on the bandwagon and invest in it anyway?
On Monday SIGL shares saw a nearly 400% surge. However, there has been somewhat of radio silence from Signal Advance over the mix-up. If you are planning on investing in the company then tread carefully. Do your research on the value of the stock. You can also wait for the hype to subside and then see how the stock is doing before you do finally invest.
Are you willing to donate to the Signal app or invest in Signal Advance? What are your thoughts on the mix-up?