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As Clubhouse gets a boost from Elon Musk, its audio partner’s shares are soaring

The audio-based social network Clubhouse is going through a terrible week after Elon Musk showed up for a session and caused his rooms to overflow. Now, there is a frenzy of people trying to enter the social network just for guests.

For the uninitiated, the Clubhouse is an exclusive application for iOS – supported by the risk company Andreessen Horowitz (a16z) – where users create rooms and talk to each other through audio in real time.

In addition to the Clubhouse, its audio technology partner Agora is also basking in the glory, as its share prices have risen more than 50% compared to last Friday’s closing price. Its stock went from $ 56.38 last week to $ 90.77 this week.

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According to the South China Morning Post, Agora, which has headquarters in both New York and Shanghai, was listed on the NASDAQ last year. The company provides a platform for real-time audio communication, which has been the backbone of the Clubhouse.

Interestingly, despite getting tremendous interest from Silicon Valley, both companies did not speak about this partnership publicly. The Clubhouse received more than $ 100 million in investment with a valuation of $ 1 billion in less than a year.

Although Musk raised GameStop and Esty’s share prices by tweeting about these companies, he never mentioned Agora in his conversations. However, his presence at the Clubhouse was sufficient to increase the value of the communication company.

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