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Home / Technology / (ZTNO), Facebook, Inc. (NASDAQ: FB)-Mixed signal: Elon Musk’s tweets about messaging apps make people rush to buy unrelated stocks

(ZTNO), Facebook, Inc. (NASDAQ: FB)-Mixed signal: Elon Musk’s tweets about messaging apps make people rush to buy unrelated stocks



After seeing Elon Musk’s tweet and leading himself, investors mistakenly made the stock 1100% higher in the last two days of trading this week.

what happened: of Tesla Company (Nasdaq: TSLA) The founder and CEO posted a message on Twitter on Thursday, expressing support for the encrypted messaging application Signal and encouraging people to sign up. Later that day, the stock of another company called Signal soared.

The company, Signal Advance, was traded over-the-counter, and its share price rose 527% on the first day, and then rose another 91% on Friday. The price rose from 60 cents to 7.19 US dollars, a total increase of less than 1

100%.

The encrypted messaging application that Musk tweeted was not managed by a public company, but a non-profit organization that only relied on donations to operate. It issued a statement on December 8 to eliminate confusion.

“It’s understandable that people want to invest in Signal’s record growth, but this is not us. We are an independent 501c3 company, and our only investment is to protect your privacy.”

A similar situation happened on Zoom stock the day it went public. Because people have high expectations for the upcoming listing of the video conferencing platform, traders mistakenly bought shares of a Chinese company called Zoom Technologies Inc (OTC: ZTNO). Zoom Video Communications Inc (Nasdaq stock code: ZM). The Chinese company’s stock rose 80% in two hours that day.

Why it matters: Since recently, interest in new messaging applications has been rising Facebook company (NASDAQ: FB)’s Messenger WhatApp announced that it will change its privacy policy and will share user data, including phone numbers, with the parent company.

This is a mandatory policy, all users must agree to the policy before February 8, otherwise they will not be able to access the application.

©2021 Benzinga.com. Benzinga does not provide investment advice. all rights reserved.




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