How Did Elon Musk Help Etsy Shares?
In what was just another incident of wild, speculative trading in stock market, Etsy witnessed a huge jump in its share. Its stock recorded a 9% increase in premarket trading after Tesla chief Elon Musk tweeted to favor Etsy.
What did Elon Musk tweet?
I kinda love Etsy was all Elon Musk had to say about the ecommerce giant. And this tweet sent Etsy shares in ascending mode. The e-commerce company that recorded little growth in premarket prior to Musk’s tweet saw its shares moving up soon after the tweet was published. According to experts, the tweet could help Etsy achieve the highest spot in the S&P 500 when markets open.
What is the effect musk’s tweet?
Elon Musk is no stranger to investors and he has a history of influencing stock prices especially about Tesla. He uses bold statements on the social media to make his company’s share jump and investors take his opinions seriously. It is exactly what happened with Etsy shares that saw a big jump following Musk’s tweet.
What did Musk say last year?
In a similar incident last year, Elon Musk sent Tesla shares high. He simply made a statement that Tesla stock was “too high” and his simple observation about Tesla sent its shares even higher a week later.
Etsy shares saw 313% increase in the past 12 months as the ecommerce website emerged victorious in the pandemic time. It helped small and medium businesses connect with their customers during lockdown period when most companies were shut for business.