May 24, 2024

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Sign Stock Confusion? Did Elon Musk Tweet Have Buyers Piling Into SIGL Stock?

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InvestorPlace – Inventory Sector Information, Stock Guidance & Trading Suggestions

An unlucky mixup yesterday result in traders piling on Sign Progress (OTCMKTS:SIGL) stock soon after a misunderstood Tweet from Tesla (NASDAQ:TSLA) CEO Elon Musk.

Man holding head with a falling chart in the background.

Source: pathdoc / Shutterstock.com

A Tweet from Musk early Thursday early morning merely mentioned “Use Sign.” His endorsement of the encrypted messaging services saw traders hungry to make a profit jump on shares of SIGL inventory. There is only 1 challenge. Signal Advance has practically nothing to do with the Sign application.

Sign Advance is a tech business with a emphasis on decreasing delays in gadgets that count on analog signals. That’s a considerably cry from anything that the Tesla CEO was speaking about yesterday. Even so, much more than 447,000 shares have altered hands these days. Which is perfectly over SIGL stock’s everyday regular investing quantity of only about 10,000 shares.

So if Singal Advance has almost nothing to do with the Sign application, then who does? The application is the brainchild of Moxie Marlinspike and Brian Acton. Marlinspike has been included in the encryption market place for yrs with the start of TextSecure and Red Phone in 2010. Acton’s specialty is social media and he’s the co-founder of WhatsApp.

All of this is reminiscent of the Zoom Video clip Communications (NASDAQ:ZM) and Zoom Systems (OTCMKTS:ZOOM) confusion that took put last calendar year. At that time, buyers ending up placing their stakes in the wrong shares. Ironically adequate, that was the 1st time it experienced took place. The Zoom Video Communications original community featuring (IPO) also resulted in a enhance to ZOOM inventory.

SIGL stock was up 47.1{14cc2b5881a050199a960a1a3483042b446231310e72f0dc471a7a1eddd6b0c3} as of Friday early morning.

On the date of publication, William White did not have (possibly directly or indirectly) any positions in the securities mentioned in this post.

The put up Signal Stock Confusion? Did Elon Musk Tweet Have Buyers Piling Into SIGL Stock? appeared to start with on InvestorPlace.

The views and views expressed herein are the sights and viewpoints of the writer and do not automatically mirror those people of Nasdaq, Inc.

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