Technical / Wrong stock jumps 11,700% since Elon Musk's 'Use Signal' tweet

Technical Desk: Shares of Signal Advance have soared as much as 11,708% since Tesla CEO Elon Musk tweeted "use Signal" to his 42 million followers on Thursday.

Investors seemed to have confused Signal Advance with Signal, the encrypted messaging platform that Musk was encouraging his followers to use.

Shares of Signal Advance, a micro-cap technology stock that trades on the over-the-counter market, soared to as high as $70.85 on Monday from $0.60 just before Musk's tweet on Thursday.

Signal Advance's market capitalization soared to nearly $300 million from $6 million last week. Shares climbed as much as 885% on Monday.

This isn't the first time investors have been confused by two similarly named companies. In March, during COVID-19 lockdowns, shares of Zoom Technologies soared as investors confused the OTC penny stock with Zoom Video Communications. The Securities and Exchange Commission temporarily halted trading in Zoom Technologies.