- Due to the similarity of the names, many investors rushed to buy shares in an unknown company.
- The messaging app tweeted it was not related to the device manufacturer.
- Chipotle said it plans to hire another 15,000 staff.
A tweet from one of the world’s richest men caused fantastic profits for a small, unknown company. After Elon Musk, CEO of Tesla, called on his followers on January 7 to “use Signal,” many investors rushed to buy its shares, which led to a crazy jump in its price last week. Mr. Musk was referring to a messaging app, not the device maker.
Mr. Musk urged his followers to use the application instead of the WhatsApp application due to the new conditions WhatsApp will impose on its customers.
However, due to the similarity of the names, many investors rushed to buy shares in an unknown company known as Signal Advance, which led to a jump in prices by 527% and rose by another 91% on Friday.
At the time, the price per share jumped from 60 cents to $7.19. According to a report by CNBC, Signal Advance was founded in Texas as Biodyne in 1992 and provided its services to medical and legal workers, then shifted its focus to using technology in health care.
Biodyne changed its name to Signal Advance, before entering the trading market poorly in 2014. The network indicated that the company is so small that it does not submit financial reports to the Securities and Exchange Commission (SEC), as its market value, after Musk’s tweet, reached $660 million.
For its part, the application Signal announced that it has no relationship with Signal Advance, through a tweet of their own.
Is this what stock analysts mean when they say that the market is giving mixed Signals? It’s understandable that people want to invest in Signal’s record growth, but this isn’t us. We’re an independent 501c3 and our only investment is in your privacy.
Chipotle Hiring 15,000 Workers Amid Coronavirus Outbreak
On Monday, Chipotle Mexican Grill, a Mexican-style restaurant chain from the United States, said it plans to hire another 15,000 staff, which benefits from high demand during the coronavirus pandemic.
In the last five months, Chipotle announced that it has hired 10,000 staff. The company now hires 94,000 people, most of whom are in the United States.
“We are fortunate to be experiencing growth during this unique time and want to safely provide an opportunity for purpose-driven individuals to join us on our mission of cultivating a better world,” said Marissa Andrada, Chipotle’s chief diversity, inclusion and people officer.
The epidemic has left fast-food chains in the US— mainly pizzerias and Mexican restaurants— strong. In the last quarter, Chipotle’s revenue increased by 14 percent. In October last year, the company announced that it plans to open approximately 200 new restaurants. The company had more than 2,700 restaurants at the end of September last year.
Large pizza chains, such as Papa John’s and Domino’s, and other well-known fast food brands, such as McDonald’s, have in recent months hired thousands of workers to meet increasing demand, even if many family-run restaurants have been forced to close down.