Etsy gained over $1 billion dollars in market cap two minutes after Musk tweeted, “I kinda love Etsy”
Tesla CEO Elon Musk is now the world’s richest person. But his sphere of influence is not just limited to his wealth. He’s adored by millions of fans around the world. In addition, investors pay close attention to what Musk has to say. A tweet from Elon Musk can have a major influence on the value of any company.
Remember early this month when Elon Musk urged his 42 million Twitter followers to leave Facebook and use the secure messaging app Signal instead? In less than 24 hours after his tweet, Signal reported about 7.5 million installs globally through the Apple App Store and Google Play store, according to Sensor Tower.
Now, Musk has done it again.
Etsy shares jump 6% after Elon Musk tweets he ‘kinda loves’ the e-commerce company. Etsy shares spike 9% to 52-week highs after Elon Musk tweets “I Kinda Love Etsy.” In another tweet, Musk added, “Bought a hand knit wool Marvin the Martian helm for my dog.”
Within two minutes after his tweet, as Musk fan Colby noted, Etsy stock gained over $1 billion in market cap, an increase of 5.36% as shown in the screenshot below. Such is the power of Elon Musk that one tweet can send the shares of a stock soaring.
The power of your tweets. Within two minutes of the tweet, the stock gained over a billion dollars in market cap. pic.twitter.com/7QvSs4VrtX
— Colby (@colbyadd) January 26, 2021
Meanwhile, this is not the first time Musk’s tweets have influenced the market value of companies. In the same January 7 tweet mentioned above, it didn’t take long before investors started pouring millions of dollars into Signal Advance (SIGL), a one-man startup that has nothing to do with Elon Musk’s recommended company Signal.
Signal Advance (SIGL) saw its market cap climbed to $421.6 million after its stock surged by 1,100% after investors mistook Signal Advance (SIGL) for Signal, a secure messaging app. Shares of the obscure Signal Advance, which trades over the counter, surged 527% on the same day of Musk’s tweet and another 91% the following day, climbing from 60 cents to $7.19.