27.Jan .2021 18:30

Etsy Shares Jump After Elon Musk Tweets He ‘Kinda Loves’ the E-Commerce Company

Etsy Shares Jump After Elon Musk Tweets He ‘Kinda Loves’ the E-Commerce Company
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Shares of Etsy popped Tuesday morning after Tesla chief Elon Musk sent a simple tweet about the e-commerce company.
 
“I kinda love Etsy,” Musk tweeted at 6:25 a.m. ET, fueling an Ety’s stock surge of as much as 8%. But by early afternoon, the price was lower on the day, closing down 2.1%.
 
merce company stock wasn’t moving at all in the premarket before Musk’s callout.
 
“Bought a hand knit wool Marvin the Martian helm for my dog,” Musk tweeted, seemingly in reference to why he is a fan of Etsy.
 
While Musk’s opinion certainly holds a lot of weight with investors, the spike in the stock on his short message is another sign of wild, speculative trading in the market. Musk is no stranger to wild activity on Twitter, with a history of influencing stock prices, especially Tesla shares, with bold statements on the social media platform.
 
Musk infamously tweeted last year that Tesla’s stock was “too high,” sending shares even higher a week later.

Source: CNBC