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Elon Musk Sends Etsy Stock Soaring After Tweeting About Gift For His Dog

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Elon Musk Sends Etsy Stock Soaring After Tweeting About Gift For His Dog

Elon Musk managed to set the share price of online marketplace Etsy soaring yesterday after he announced that he 'kinda loves' the handmade goods e-commerce site.

Well, an endorsement from the world's richest man isn't gonna do them any harm. Particularly if he decides to plough some of his considerable money into buying their wares.

Imagine how many custom t-shirts or handmade pairs of socks he could buy.

On Tuesday morning, Musk tweeted out: "I kinda love Etsy.

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"Bought a hand knit wool Marvin the Martian helm for my dog."

Following Musk's tweet, shares in Etsy went up as much as nine percent, before flattening back down once again after the markets opened up.

The dog in question is one of two owned by Musk, a big one named Gatsby and another dog that's a bit smaller but called Marvin the Martian.

Elon Musk's dogs. Credit: Instagram
Elon Musk's dogs. Credit: Instagram
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It's no secret that Musk wants to send spacecraft to Mars in the not so distant future, so it's obvious why he's decided to give his pet that slightly unusual name.

Hopefully Musk will share a picture of his dog wearing the helmet. That would be super cute, to be fair.

If you're not overly familiar with Etsy, it's a platform that is based mainly on selling homemade goods and handicraft products and equipment.

They first went public in 2015, and their stock has grown more than 570 percent since last March. That could be because more people are getting into buying or making handmade stuff whilst they're at home due to the coronavirus pandemic.

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The stock market increase has been directly linked to Musk's tweet because there was no other company announcement made around the time it took place, so it seems as if his own personal affection for the site caused the spike.

A listing for a Marvin the Martian helmet similar to the one Musk bought. Credit: Etsy
A listing for a Marvin the Martian helmet similar to the one Musk bought. Credit: Etsy

However, some haven't been impressed by this flexing of muscles, and the stock market's reaction to it.

CNN Business writer Paul R. La Monica described it as 'ridiculous' and added: "The stock market is at peak dumb."

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Musk actually has a history of driving stock market changes from his Twitter account. In fact, he has been sanctioned by the Securities and Exchange Commission in the past for prematurely tweeting out financial updates about Tesla.

He settled up with the SEC in 2019 after tweeting about Tesla's production plans and plans to take the company private, which sent stock in his electric car company soaring. Musk tweeted that the 'funding was secured', when in fact the plan was at an earlier stage, the Guardian reports.

While the Etsy tweet is probably completely harmless, it's definitely something he should consider, even before tweeting about how pleased he is with his dog's new Marvin the Martian helmet.

Featured Image Credit: PA

Topics: elon musk, Business, Money, Weird

Tom Wood
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