Etsy Inc.’s shares rose as much as 8% after Tesla’s Elon Musk tweeted, ‘I kinda love Etsy.’  About why he is a fan of Etsy, Musk tweeted, “Bought a hand knit wool Marvin the Martian helm for my dog.”

  • Etsy’s stock wasn’t moving at all in the premarket before Musk’s tweet at 6:25 a.m. ET. showing the power of Tesla’s CEO
  • Musk’s tweet is a sign of wild, speculative trading in the market, with the Tesla CEO having a history of influencing stock prices with bold statements on Twitter.
  • Shares of Etsy have gained more than 340% in the past 12 months as e-commerce was buoyed by online shopping during the pandemic.
  • On Tuesday, Jefferies raised its 12-month price target of Etsy to a high of $245.

Etsy stock is currently declining. ETSY: NASDAQ is down 1.55%