I am sure it worked pretty well for early birds as a speculative trade, but it is definitely not a stock you would want to HOLD. They typed Signal and bought the first stock they have seen, which was Signal Advance. Unlike most people downloading the messaging application Signal, "Smart" retail investors rushed into their trading apps. According to the New York Times, Signal downloaded 1.3 million a day, which is a considerable increase compared to 50,000 a day before Musk's tweet. During the crisis, Musk tweeted:Īfter the tweet, everyone rushed into Signal, and downloads soared. WhatsApp, the well-known messaging platform owned by Facebook (NASDAQ: FB ), changed its privacy policy in most countries other than the EU, and some users panicked over their data privacy started looking for alternatives. However, these incidents are valuable for reminding ourselves of the cataclysmic results of investing/trading without enough knowledge about companies. There was probably no one that bought Signal Advance thinking it is the Signal application's owner. I am aware that Seeking Alpha reader's financial literacy is way higher than the market average. Then it quickly plunged as markets realized the mistake, yet stock closed Friday 17% up, trading 3,000% above pre tweet levels due to speculative trading and low free float. Afterward, Signal Advance soared 11,000%, hitting $38.70 per share. Signal Advance was a penny stock until markets confused the company with the messaging application Elon Musk suggested on Twitter (NYSE: TWTR ). Just a couple of months ago, there was a similar incident with Zoom. These are all due to the lack of financial literacy of novice traders that flooded the markets. These incidents started happening more often as new and young investors got into financial markets thanks to easy trading applications like Robinhood. It was another name similarity confusion that created speculative trading. Signal doesn't have access to your messages your chat list your groups your contacts your stickers your profile name or avatar or even the GIFs you search for,” the company stated, explaining that the end-to-end encryption employed by the service which is usually available from other apps “simply doesn't exist” on Signal's servers.When I saw Signal Advance (OTCPK: OTCPK:SIGL) on SA's undercovered stocks list, I quickly remembered what happened last week after Elon Musk's tweet. It's impossible to turn over data that we never had access to in the first place. “Just like last time, we couldn't provide any of that. Read more: Researcher claims Mark Zuckerberg uses Signal, app tweets he is ‘leading by example' The subpoena had requested personal information of those accounts, including but not limited to addresses of the users, their correspondence, plus the names associated with those accounts. The subpoena asking for information of six Signal accounts was issued in March from the United States Attorney's Office in the Central District of California, and the encrypted messenger service was helped by lawyers Brett Max Kaufman and Jennifer Granick of the American Civil Liberties Union. According to Signal, this was the information that the service was able to reveal in response to the subpoena.
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