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.”
— 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.”