Elon Musk did it again! We’re not talking about his multi-billion space travel with SpaceX, or new model of Tesla; we’re talking about his huge influence on stock market.
Etsy, an American e-commerce company, showed increase on their stocks after Elon praised the company for having a Looney Tunes-inspired hat for his dog.
Thanks to Elon, Etsy boosts shares
As reported via CNET, on Tuesday, Jan. 26, Musk did the thing he knows best: Make a not-so-well-known company into one of the most-talked about companies in the country.
Musk tweeted on Tuesday that he “kinda love Etsy” for the item he bought from the store, “ a hand knit wool Marvin the Martian helm for my dog.”
Twitter followers of the billionaire then asked for pictures of the certain dog product he was talking about.
In his next tweet, he posted two pictures of his dog Marvin, beside the image of the Etsy hand-knit Looney Tunes-inspired hat.
Due to the quotable quote of Elon about “kinda loving Etsy brand,” a lot of stockholders then, turn their heads towards this e-commerce company and bought shares, which results to a massive jump on their stocks.
Etsy thanks Elon
Thanks to the influence of Elon in the stock market and being the second-richest man in the world, Etsy rose 9% in pre-market trading.
The company immediately acknowledged the billionaire for his praises, and replied with a phrase link to Elon’s SpaceX mission.
“@elonmusk we love you to Mars and back,” written by the company.
Not the first time
Impressively, this was not the first time that the billionaire introduced a market increasing trend.
Earlier this month, Elon recommends messaging app called Signal, as he believed that this app is safer than Facebook’s WhatsApp.
Until now, WhatsApp is under scrutiny over its newest security update that requires users to connect their personal data with social media giant, Facebook.
New installs of WhatsApp fell 11 per cent in the first seven days of 2021 compared with the prior week, but that still amounted to an estimated 10.5 million downloads globally, Sensor Tower said.
In result of this announcement, many users of the app decided to use alternative messaging tools.
At this time, Signal and Telegram are two of the biggest alternative messaging sites available in the country, resulting to surge on new users on both apps.
Tesla and General Electric stocks
Along with other companies, Elon’s Tesla is also performing well on the stock market.
According to Market Watch, shares of Tesla Inc. TSLA, +0.67% rose 4.03% to $880.80 Monday, on what proved to be an all-around mixed trading session for the stock market.
Meanwhile, one of the competitors of Tesla on electric vehicle cars, General Electric also made a stock surged as much as 10% on Tuesday before paring gains after the company reported strong cash flow and improving profitability in its fourth-quarter earnings release.
So far, the first month of January has been a great trend for the stock market. Let’s look forward for more.