By Todd Feathers Published November 20, 2024 | Comments (9) | The social media company Bluesky isn't publicly traded. Anna Barclay/Getty Images Bluesky is having a moment. No, not that Bluesky, the other one. The Canadian crypto company Bluesky Digital Assets Corp has seen its stock take off, in a manner of speaking, over the past week as investors buy up what they almost certainly think are shares of the other Bluesky, the social media platform that has been scooping up X-iles and recently hit 20 million users. First spotted by Bloomberg, Bluesky Digital Assets Corps stock value has increased eightfold since the beginning of November. On November 1, it was trading at 5 cents a share. As of Wednesday, it was going for 41 cents a share, having come down from a peak of 49 cents last week. Given that its a penny stock, its unlikely anyone is getting rich off the misunderstanding, unless some intrepid meme stock junkies made a big bet that their fellow investors wouldnt do an iota of homework.What exactly does Bluesky Digital Assets Corp do? Vague crypto things. It offers a complete ecosystem of value creation with a nice helping of advanced development of proprietary based technology inclusive of advanced Artificial Intelligence (AI) based methods for the creation of cutting edge intelligent solutions. Bloomberg reported that Bluesky Digital Assets Corp released a press release stating that it wishes to confirm that the Corporations management is unaware of any material change in the Corporations operations that would account for the recent increase in market activity. That press release appears to have been removed from the companys website.The social media platform Bluesky is not publicly traded. Created by Twitter founder Jack Dorsey, Bluesky began growing in popularity after Elon Musk bought Twitter, renamed it X, unceremoniously gutted its staff, and made a series of terrible decisions that drove users to seek out other social media platforms. Bluesky enjoyed sporadic growth spurts over the past two years, reaching 12 million users as of October 18. But the platform has really taken off in the weeks following Donald Trumps victory in the U.S. presidential election which, new research suggests, was preceded by months of Xs algorithm heavily promoting Musk and conservative viewpoints.For now, Bluesky relies on investor capital to keep the lights on and hasnt publicly announced a plan for how it intends to make a profit. Since Musk bought Twitter for $44 billion in 2022, the companys value has tanked to around $9.4 billion, according to a recent estimate from the investment firm Fidelity.Daily NewsletterYou May Also Like By Lucas Ropek Published November 20, 2024 By Matt Novak Published November 18, 2024 By Matt Novak Published November 14, 2024 By Matthew Gault Published November 12, 2024 By Thomas Maxwell Published November 11, 2024 By Lucas Ropek Published November 9, 2024