Etsy Stock soars 10% after Elon Musk tweets he ‘Kinda loves it’
Musk’s tweets about a purchase made from Etsy for his dog led to an 10% jump in its stocks. There was also an immediate spike in trading volume for the e-commerce platform, which sells crafts, home-goods, and vintage items.
Elon Musk set off market activity again after an early morning tweet. “I kinda love Etsy,” he wrote. “Bought a hand knit wool Marvin the Martian helm for my dog.”
Etsy seemed grateful for the boost, replying with a link to some retro-style Mars posters — a nod to Musk’s efforts to reach the red planet. “@elonmusk we love you to Mars and back,” the company wrote.
Musk has moved stocks with his tweets before, but last time it was about the wrong company. Two weeks ago, on January 7, the Tesla CEO tweeted, “Use Signal,” which was likely about the encrypted messaging service and app developed by the non-profit Signal Foundation, and isn’t publicly traded. Investors and fans of the South African billionaire quickly bought shares of Signal Advance instead, a technology component manufacturing company headquartered in Rosharon, Texas. Signal Advance shares shot up 6350% over three trading sessions.