(Bloomberg) -- A two-word app recommendation from Elon Musk has turned into a massive rally in the shares of a tiny medical device company in another case of mistaken identity.
“Use Signal,” the Tesla Inc. chief executive officer wrote on Twitter on Jan. 7, apparently referring to the encrypted messaging service. By the end of the day, Signal Advance Inc. shares had surged more than six fold and boosted its market valuation to more than $46 million from $7 million.
Despite reports about the confusion on Friday, the stock has continued to rally. Shares of the Rosharon, Texas-based company surged as much as 885% on Monday before paring the gains. Signal Advance has jumped more than 5,100% in three trading days giving it a market valuation of $390 million.
Signal Advance hasn’t filed an annual report with the Securities and Exchange Commission since 2019. The company had no revenue from 2014 to 2016, according to the filing.
The misunderstanding is the latest example of ticker confusion. The popularity of Zoom Video Communications Inc. in recent years resulted in brief surges in the shares of Zoom Technologies Inc., after traders confused its ticker symbol ZOOM with that of the video-conferencing company. Zoom Technologies, a Beijing-based maker of mobile phone components, later changed its ticker to ZTNO.
The other Signal is a closely held not-for-profit organization with a messaging service that’s similar to Facebook Inc.’s WhatsApp.
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