Elon Musk, a force to be reckoned with on Twitter, can change fortunes and break the internet. A tweet by the world's richest man's drove up the stock of a company.
The story unfolded as Tesla's CEO praised e-commerce company Etsy, saying that he bought a gift from the site for his dog. Musk shared a tweet saying, "I kind love Etsy," following it up with another post where he explained that he had bought a "hand-knit wool Marvin the Martian helm" for his pet.
See Elon Musk's tweets here:
I kinda love Etsy— Elon Musk (@elonmusk) January 26, 2021
Bought a hand knit wool Marvin the Martian helm for my dog— Elon Musk (@elonmusk) January 26, 2021
Following the mention, the shares of Etsy soared as much as 8.6% hitting an intraday record, according to a Bloomberg report.
On popular request, he also shared pictures of his dog in the Looney Tunes-inspired hat. While the "I kinda love Etsy" tweet garnered over 2.35 lakh likes, 16,000 retweets, and over 10,000 comments, the tweet featuring photos of his dog and the hand-knit wool fetched more than 11,000 likes and around 584 retweets on the microblogging platform.
Replying to Musk's tweet, Esty Inc. responded with a short message saying, "@elonmusk we love you to Mars and back."
See Etsy's tweet here:
This is not the first time that Musk, 49, has used the power of social media to swing his influence on his followers and markets. The billionaire entrepreneur recently urged his followers to use the messaging app Signal, following which Signal Advance Inc's shares skyrocketed more than six-fold.
Musk tweeted, "use Signal" to his 43 million followers. However, it was later reported that the tweet soared the shares of the wrong company, a tiny medical device company, clearly a case of mistaken identity.
Investors confused Signal Advance with Signal, the messaging platform that Musk had urged his followers to use, but traders ended up buying shares of the medical-device provider instead.