Stock market peaks: Etsy climbs as Elon Musk tweets about it


“I love Thothi,” Musk Tweeted, Add to a follow Tweet He bought a fleece Marvin the Martian helmet (Alien from the Bugs Bunny cartoon) for his dog – fitting as Musk, of course, wants to one day go to Mars with another company, SpaceX.

However, the stock pulled back later in the day. It was 8% more open but down 2% by noon.

Still, with no other company reported from AT on Tuesday morning, it’s safe to say that Musk’s tweet was the primary catalyst for the stock’s premarket surges.

Etsy website on laptop computer

Of course, this is ridiculous. This is another example of the growing short-term nature of the stock market, one where algorithms can drive prices and are eager to make a quick buck to individual investors using services such as Robinhood.

Lately, stocks of companies that are undercutting many professional investors – as they expect stocks to go down as companies are struggling or overvalued – thanks to support from traders on a popular reddit board instead Is increasing GameStop ()GME), Blackberry ()BB), bed Bath and Beyond ()BBBY), Messi’s ()M) And AMC ()AMC) Some examples are.
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But Etsy is nothing like these companies in that it is thriving, in part due to the strong demand for masks during the Kovid-19 epidemic. Analysts estimate that ET sales almost doubled in 2020 and earnings per share rose more than 175%.
Musk’s tweet put a big spotlight on AT, however, and this is not the first time he has made a big move into an asset that Tesla is not. The digital currency dogcoin price popped up late last month when he saw it on Twitter.
Nevertheless, it is a bit ironic that the eighties are benefiting from Musk’s support. Although Tesla was finally added to the S&P 500 in December, many on Wall Street were surprised when Tesla was snubbed for the index in September. Added company back to Tesla? Etsy.

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