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The Musk trade: What happens when the world s richest man tweets about a stock
7 Feb, 2021 08:30 PM
5 minutes to read
Elon Musk, founder of Tesla and SpaceX. Photo / Getty Images
Daily Telegraph UK
By: James Titcomb
Nothing was special about Monday, Jan 11, at Signal Advance, a small publicly listed medical device manufacturer in Texas. The company did not have a medical breakthrough to promote, or a lucrative acquisition offer. And yet, that morning the company s shares exploded upward. Having traded at 60 cents each a week earlier, they hit a high of $70.85, an 11,700pc rise that briefly made Signal Advance worth some $390m.
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‘Use Signal’: How Elon Musk s Tweet Confused Investors to Pour Their Money into Wrong Company
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Tesla CEO and SpaceX boss Elon Musk may have given out mixed signals.
An obscure medical device company called Signal Advances stock prices surged more than 400 percent on Monday, and Elon Musk may be the only reason.
It started on January 7, when the tech mogul and currently world s richest person, tweeted two simple words from his Twitter account to his 42 million followers. Use Signal.
What Musk referred to was the messaging app Signal as an alternative to WhatsApp which has recently come under controversy for its change in privacy rules sparking concerns.
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