Musk likely meant Signal, the encrypted messaging service and app.
Investors and fans of the South African billionaire quickly bought shares of Signal Advance instead, a technology component manufacturing company headquartered in Rosharon, Texas which trades under the ticker SIGL on over-the-counter markets but has no relationship to the messaging app or Musk himself.
Prior to Musk’s tweet, shares of Signal Advance hadn’t climbed above 60 cents.
Investors pouring money into the wrong company also happened early last year, when shares of Zoom Technologies climbed due to similar confusion following positive news about the remote conferencing service company, Zoom Video Communications.
In March, shares of the Chinese holding company, which trades with the ticker symbol ZOOM, soared from $1.10 to an intraday high of $60.