A Single Tweet By Elon Musk About One Company Made Its Stocks Skyrocket!
Etsy Inc. jumped in premarket trading after the e-commerce company earned praise from Elon Musk. The Tesla CEO wrote on Twitter 'I kinda love Etsy'.
Shares of Etsy were popping with a single tweet by the Tesla CEO Elon Musk. Etsy¡¯s stock rose nine per cent in premarket trading following Musk¡¯s tweet that said ¡°I kinda love Etsy.¡±
Reuters
The e-commerce company wasn¡¯t moving at all in the premarket prior to Musk¡¯s early morning call out. It¡¯s now set to be the biggest gainer in the S&P 500 when markets open.
I kinda love Etsy
¡ª Elon Musk (@elonmusk) January 26, 2021
Musk explained that he had bought a hand-knit wool Marvin the Martian helm (sic) for his dog. He even posted a picture of the hand-knit wool. Following the mention, the shares of Etsy hit an intraday record, according to Bloomberg.
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According to a Bloomberg report, shares gained as much as 8.6% and hit an intraday record. On popular request, Mr Musk, 49, also shared adorable photos of his pet dog in the Looney Tunes-inspired hat.
¡ª Elon Musk (@elonmusk) January 26, 2021
The 'I kinda love Etsy' tweet has now collected over 2.35 lakh likes, 16,000 retweets, and more than 10,000 comments. The tweet featuring pictures of his dog and the hand-knit wool has garnered over 11,000 likes and close to 584 retweets.
Earlier this month, Signal Advance Inc. skyrocketed after the Tesla chief urged in a tweet for his followers to ¡°use Signal.¡± Investors confused Signal Advance with Signal, an encrypted messaging platform that Musk had encouraged his followers to use.
Signal Advance shares soared to a high of $70.85 from $0.60 after Musk's tweet.
According to Business Standard, Etsy's stock is up nearly 560% off a March low, with most of the gains reflecting increased e-commerce demand in the pandemic.
