Signal Advance, a one-man startup that has nothing to do with Elon Musk’s recommended company Signal, now has a market cap of $421.6M after its stock surged by 1,100%
When Elon Musk talks, people listen. Last week, Elon Musk urged people to ditch Facebook and use Signal, a secure messaging app developed by the Signal Foundation and Signal Messenger. It didn’t take long before investors started to pour millions of dollars into Signal Advance (SIGL), a tech startup company with one employee, and no operations.
There’s only one problem. The Signal app recommended by Musk has nothing to do with a small company, Signal Advance, whose stock price multiplied 12-fold in two days. Elon Musk suggested that his followers use the messaging app, but some people bought the unrelated stock.
Shares of an obscure and unrelated company called Signal Advance, which trades over the counter, surged 527% on Thursday and another 91% on Friday, climbing from 60 cents to $7.19.
Below is how the company describes itself.
Signal Advance, Inc. (SAI) is an engineering product and procedure development and consulting firm. The Company is focused on the development of applications for emerging technologies. The Company has capability in computer technology, distributed information systems, signal detection and generation, data acquisition and analysis systems, as well as, intellectual property protection, and medical-legal litigation support.