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

• Shares of Clubhouse Media Group rallied after Elon Musk tweeted about a different company.
• The "Elon Effect" has hit Clubhouse, GameStop, Dogecoin, and more, the FT said.

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 $4, which is not the company that's seen massive share gains as a result. "$4t at 10pm LA time," Musk said on Twitter Sunday.

Clubhouse Media Group, ticker CMGR, $4 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., $4 called "The Clubhouse." Clubhouse Media Group operates as "$4 with a global aggregate social media reach of over 100 million followers," according to a company press release.

Read more: $4

"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. We have no idea."

Clubhouse, the company behind the social media voice app, did not immediately respond to Insider's request for comment.

$4 attributed the massive share rally to the "Elon Effect," a reference to Musk. Recently, stocks have been rallying on hype from day traders on platforms like Reddit. Millions of members of the subreddit "Wall Street Bets" have caused $4, though Monday, it $4. $4, Bitcoin, and Tesla have seen similar rallies, the FT said.

Last week, Robinhood stopped users from buying shares of GameStop amid the frenzy. On Sunday night, Musk interviewed Robinhood CEO Vlad Tenev on the Clubhouse audio app. Business Insider reported on the $4, in which Musk questioned Tenev on his choice to block buyers.

$4, which is completely separate from Clubhouse Media Group, is known for hosting Silicon Valley leaders and celebrities. But soon, the CEO said, it will be open to everyone.