Remember peak market euphoria?
Well, errr, just another data point today from a US equity market that is absolutely, totally, completely normal. And not, we should add, in any way broken.
For context, a certain newly crowned world’s richest man tweeted the following on Thursday:
Now we’re not mind-readers at FT Alphaville (Virtual) Towers -- far from it. For instance, we’re still not sure what Elon meant when he tweeted this about the Securities and Exchange Commission last year:
But we’re pretty certain that when he referred to “Signal”, Elon meant the encrypted messaging service owned by a non-profit organisation funded by WhatsApp co-founder Brian Acton, and not, erm, the stock of a technology company called Signal Advance (ticker: SIGL), which trades on the over-the-counter markets.
Which is funny, because this is what the share price looks like since:
Up a casual 4,600 per cent since Thursday, to a market valuation of $276m.
Totally normal, we’re sure you’d agree.
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