ETSY stock Surged with Elon Musk’s Tweet

Mar, 2021 - By SMI

ETSY stock Surged with Elon Musk’s Tweet

The Brooklyn-based company witnessed rise in its market value by 9% on January 26, 2021.

The American e-commerce website, ETSY, was benefitted from Elon Musk’s tweet. This is the second time in a month that the owner of Tesla Inc. facilitated the stocks of a company with a single tweet on social media. On Tuesday, Elon Musk bought a gift for his dog before tweeting, ‘I kinda love etsy, bought a hand knit wool Marvin the Martian helm for my dog’. He tweeted it at 06:25 AM in the morning to his 42 million followers on Twitter. In an hour, the stocks of ETSY reached US$ 227/share, exceeding its previous record of US$ 225/share. The happiness of the SpaceX owner over his dog’s gift has evidently raised the stocks of ETSY by 9%.  

Musk’s opinion has a lot of significance among the investors and the rise in stocks of ETSY is an example. The share price of ETSY raised from US$ 168/share to US$ 205/share on Tuesday. This rise was when a bunch of investors opted to invest their money in other e-commerce companies.

Apart from the Elon Musk’s rescue, ETSY experienced rise in share price of around four times in 2020 compared to 2019. During the pandemic-driven lockdown in 2020, when the demand for hand-made masks was extraordinary, the online craft retailers became the primary source for producing those masks. ETSY doubled its annual revenue in the first nine months of 2020 by selling hand-made face masks along with other medical goods amid the pandemic. In September 2020, ETSY was included in S&P 500 stock market index.

Analysts called the stocks of ETSY as ‘one of the most promising lock-term stocks in the market’. Stocks of Etsy multiplied 16 times since 2017 from US$ 13 to US$ 204 in the current market share.

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