Executives of Etsy applaud as they open the Nasdaq MarketSite ahead of Etsy's initial public offering in New York, April 16, 2015.are popping after Tesla chief Elon Musk sent a simple tweet about the e-commerce company.The e-commerce company stock wasn't moving at all in the premarket before Musk's callout at 6:25 a.m. ET. The stock was last up 1.5%.
"Bought a hand knit wool Marvin the Martian helm for my dog," Musk tweeted, seemingly in reference to why he is a fan of Etsy. While Musk's opinion certainly holds a lot of weight with investors, the spike in the stock on his short message is another sign of wild, speculative trading in the market. Musk is no stranger to wild activity on Twitter, with a history of influencing stock prices, especially Tesla shares, with bold statements on the social media platform.
Elon can I sit next to you while you write tweets about listed companies. Don’t mind me if I’ve got my trading account open or if I nudge you to talk about another company after I’ve already invested in it. We’ll make a killing mate!