Clubhouse stock skyrocketed after Elon Musk tweeted about an unrelated social media app of the same name

Clubhouse stock skyrocketed after Elon Musk tweeted about an unrelated social media app of the same name

Shares of Clubhouse Media Group skyrocketed Monday following a Sunday tweet from Tesla CEO Elon Musk.

The problem is that Musk tweeted about the privately owned Clubhouse audio app, which is not the company that's seen massive share gains as a result. "On Clubhouse tonight at 10pm LA time," Musk said on Twitter Sunday.  

Clubhouse Media Group, ticker CMGR, rallied about 45% Monday, according to Markets Insider data. But the company has nothing to do with the Clubhouse voice app, which Musk touted. Last year, a company, formally known as Tongji Healthcare Group, Inc., acquired a social media influencer firm called "The Clubhouse." Clubhouse Media Group operates as "an influencer-based marketing and media firm with a global aggregate social media reach of over 100 million followers," according to a company press release. 

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"We are not affiliated with the app. We do not want any confusion with them whatsoever," a company spokesperson told Insider. "We have no idea why the rally happened. It may have been Elon Musk.