Shares of Etsy are popping after Tesla chief Elon Musk despatched a easy tweet in regards to the e-commerce firm.

Ety’s inventory rose 9% in premarket buying and selling following Musk tweeted: “I kinda love Etsy.”

The e-commerce firm inventory wasn’t transferring in any respect within the premarket earlier than Musk’s callout at 6:25 a.m. ET. It was set to be the most important gainer within the S&P 500 when markets opened.

“Purchased a hand knit wool Marvin the Martian helm for my canine,” Musk tweeted, seemingly in reference to why he’s a fan of Etsy.

Whereas Musk’s opinion actually holds a variety of weight with traders, the spike within the inventory on his quick message is one other signal of untamed, speculative buying and selling out there. Musk is not any stranger to wild exercise on Twitter, with a historical past of influencing inventory costs, particularly Tesla shares, with daring statements on the social media…