Tesla (NASDAQ: TSLA) CEO Elon Musk helped boost the businesses of two unrelated companies with the name Signal after posting a simple tweet on Thursday, January 7.
The number of users signing up for encrypted messaging app Signal increased after Musk encouraged his followers to “use Signal.”
Use Signal
— Elon Musk (@elonmusk) January 7, 2021
At the same time, while the messaging app experienced a swell of new users, the shares of an unrelated company called Signal Advance climbed 527%. Signal Advance trades over the counter.
Musk was referring to the encrypted messaging app that serves as an alternative to chat applications like Facebook Messenger, WhatsApp and Apple’s messaging service.
On Friday, Signal clarified that it is not related to Signal Advance.
“It’s understandable that people want to invest in Signal’s record growth, but this isn’t us,” Signal tweeted. “We’re an independent 501c3 and our only investment is in your privacy.”
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
Over the past few days, Signal had a long list of user sign-ups, which prompted delays in phone number verifications of new accounts across multiple cellphone providers
Verification codes are currently delayed across several providers because so many new people are trying to join Signal right now (we can barely register our excitement). We are working with carriers to resolve this as quickly as possible. Hang in there,” according to Signal.
Signal is a free, non-profit cross-platform encrypted messaging service. The app uses the Internet to send one-to-one and group messages, which can include files, voice notes, images and videos. It is not tied to any major tech company and is focused on privacy. Thus, it has no ads and marketing trackers.
Verification codes are currently delayed across several providers because so many new people are trying to join Signal right now (we can barely register our excitement). We are working with carriers to resolve this as quickly as possible. Hang in there.
— Signal (@signalapp) January 7, 2021
In an earlier tweet, Musk slammed Facebook over its latest privacy policy updates for its encrypted messaging app WhatsApp.
WhatsApp has been openly collecting certain user data to share with its parent company. The latest policy updates have just scaled that up.
Signal, meanwhile, is known for fighting any entity that asks for users’ data, and has added features to boost anonymity of users where possible.
Musk also criticized Facebook for its role in helping members of the mob that stormed the US Capitol on Wednesday organize online.
This is called the domino effect pic.twitter.com/qpbEW54RvM
— Elon Musk (@elonmusk) January 7, 2021
The tweet, a picture of a series of dominos, juxtaposed the beginning of Facebook as a hot-or-not women-rating website all the way into a platform that somehow facilitated the attack on Congress on Wednesday.
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