Elon Musk triggers another fireworks display with a tweet
Elon Musk. (Photo: dpa)
No time right now?
Elon Musk did it again: made a recommendation via Twitter. As a couple of times before, the positive mention – this time it was about Etsy – brought a boost to the stock market.
Tesla and SpaceX boss Elon Musk has almost 43 million followers on Twitter, and his statements often have visible consequences. Signal Advance shares only went through the roof in mid-January after Musk recommended using the WhatsApp alternative Signal on Twitter. The investors deliberately overlooked the fact that Signal Advance had nothing to do with the messenger app. At the end of December, the crypto currency Dogecoin had benefited from being mentioned. So now the online marketplace for homemade and used items, Etsy.
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Musk loves Etsy and the stock is exploding – in short
After Musk tweeted on Tuesday morning that he loved Etsy, the price of the Etsy share shot up almost ten percent in a short period of time, like CNN reports. The company’s market capitalization jumped hundreds of millions of dollars. In the meantime, the euphoria has apparently disappeared. The price gains of the past hours have been erased again.
I kinda love Etsy
– Elon Musk (@elonmusk) January 26, 2021
On Monday the Etsy share went off trading at $ 208.81. At the opening, the paper was suddenly worth $ 225.66 – the high for the day was $ 226.72. That meant a new record high for the share. For comparison: At the beginning of the year, the Etsy share was trading at around $ 170. On Tuesday lunchtime (New York time), the share price on the Nasdaq tech stock exchange finally hovered around the $ 206 mark – Etsy even went into the red. It is possible that many of the short-term investors just wanted to take profits quickly.
Musk buys a wool helmet for his dog
For everybody who’s interested. Musk apparently raved about Etsy because he bought a hand-knitted wool helmet for his dog that was modeled after the Looney Tunes character Marvin the Martian. Of course, that fits in perfectly with Musk’s plans for Mars.
It is not known to what extent the price fluctuations on the stock market triggered by the Musk tweets could call the US Securities and Exchange Commission into action. An announcement via Twitter that Tesla might want to take Tesla off the stock exchange two and a half years ago cost Musk the chairmanship of the electric car manufacturer’s board of directors and cost $ 20 million.
