However, investors failed to realise that Signal Advance Inc has nothing to do with the Signal App endorsed by Elon Musk. It is a separate, unrelated tech entity, with similar name, which garnered overnight profits due to surge in its stick prices by 1,100 per cent. As per reports, more than 447,000 shares, of the tech firm was traded, which is far higher than its daily trading average of 10,000 shares, in a day owing to the confusion.
Clarification Tweet by Signal App:
Is this what stock analysts mean when they say that the market is giving mixed Signals?
It's understandable that people want to invest in Signal's record growth, but this isn't us. We're an independent 501c3 and our only investment is in your privacy. pic.twitter.com/9EgMUZiEZf
— Signal (@signalapp) January 8, 2021
The stock market chaos got so huge, that Signal App had to clarify the issue on Twitter. It wrote, 'Is this what stock analysts mean when they say that the market is giving mixed Signals? It's understandable that people want to invest in Signal's record growth, but this isn't us. We're an independent 501c3 and our only investment is in your privacy."
Hence, Signal App and Signal Advance Inc are clearly two separate entities. The Signal app has been developed by Moxie Marlinspike and Brian Acton. Marlinspike has been involved in the encryption market for years with the launch of TextSecure and Red Phone in 2010. Acton is a social media expert and he’s the co-founder of WhatsApp.
(The above story first appeared on LatestLY on Jan 10, 2021 01:26 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).