Talk about a midas touch. Or rather, a midas tweet.
Signal’s stock price has soared over the last few days after Elon Musk, the world’s richest man, tweeted “Use Signal” last Thursday. The tweet sent investors scrambling for shares of Signal Advance Inc., with the company’s stock price spiking from 60 cents per share last week to $38.70 on Monday. Even after a 50% drop on Tuesday morning, the company’s stock price is still up 3,092% since the Tesla head honcho’s tweet, currently hovering near $19.15 per share on Tuesday morning.
But here’s the thing: Musk didn’t mean that Signal. He was likely referring to the app Signal, which allows users to share encrypted messages — not Signal Advance, the Texas-based medical supplies company.
The mix-up is a sign of Musk’s sway over the market right now, following Tesla’s remarkable run over the last year. The electric car maker has seen its stock price surge more than 700% since the start of 2020, making Tesla, with an $820 billion market cap, one of the five biggest publicly traded companies. At the same time, Musk’s personal net worth has skyrocketed, pushing him past Amazon CEO Jeff Bezos as the richest person in the world. On Tuesday morning, Bloomberg had his net worth pegged at $194 billion.
Now, following Musk’s tweet and the roller coaster ride its stock price has been on in recent days, Signal Advance is worth about $1.75 billion on Tuesday morning.
Read original story Midas Tweet: Elon Musk’s ‘Signal’ Tweet Sends Wrong Company’s Stock Soaring 3,092% At TheWrap