There was a classic advertising campaign in the 1970’s for the financial firm E.F. Hutton.
The premise of the TV commercials was two people would be discussing a broker tip when one of them would say “well my broker is E.F. Hutton, and E.F. Hutton says…” At that point the camera would pull out, and everybody in the room would stop what they were doing, lean in, and pay close attention to what the person was going to say.
Flash forward 40 some years, and a similar thing is going on only it’s much more immediate. On Thursday, Elon Musk Tweeted to his 42 million followers the following message. “Use Signal.”
Here’s where the story gets wild. The world’s richest person probably meant for his followers to use the encrypted messaging platform called Signal. There is a publicly traded micro-cap technology stock called Signal Advance on the OTC market. Thursday morning that company’s stock price was at $0.60, with a market capitalization of $6 million. Since Musk’s tweet, the stock price has exploded do a mind boggling $70.85 on Monday.
And as for the market cap? Well, it’s hit nine digits, rising to nearly $300 million on Monday.
The stock price rose a staggering 885% on Monday.
It seems everything Elon Musk touches, or tweets about, turns to gold.
Back in 2020 at the beginning of the pandemic the sock price of a penny stock called Zoom Technologies skyrocketed, as investors confused it with Zoom Video Communications. That led to the SEC shutting down trading on Zoom Technologies for a short period of time.
Jeff Bezos is probably praying right now that Musk tweets a message about some product he recently purchased on Amazon Prime. It would be the easiest way to re-take the No. 1 position as the world’s richest person.