Tesla CEO Elon Musk, one of the world's richest men, invited his Twitter followers to use the "Signal" app instead of "WhatsApp" for encrypted social communication. This led his followers to misunderstand the tweet and rush to buy shares of companies with the same name.
"Signal Advance," which is unrelated to the encrypted messaging app Musk encouraged his followers to use instead of "WhatsApp," saw its shares rise from 60 cents to $7.19 per share, resulting in a profit of 1098%. It is noted that the "Signal" app referred to by Musk is operated by a nonprofit organization and serves as an alternative to messaging applications such as Facebook, WhatsApp, and Apple, according to CNBC.
