Tech Industry

Elon Musk tweets that he 'kinda loves' Etsy, share price jumps

His joy over his dog's "Marvin the Martian helm" apparently caused the company's stock to rise 9%.

Britta Pedersen-Pool/Getty Images

Tesla boss Elon Musk gave Etsy a boost on Tuesday by tweeting his affection for the e-commerce site after buying a Looney Tunes-inspired hat for his dog. The company's stock then rose 9% in premarket trading, as previously reported by CNBC.

"I kinda love Etsy," he wrote. "Bought a hand knit wool Marvin the Martian helm for my dog."

Etsy seemed grateful for the boost, replying with a link to some retro-style Mars posters -- a nod to Musk's efforts to reach the red planet.

"@elonmusk we love you to Mars and back," the company wrote.

It isn't the first time Musk's tweets have swayed the market. Earlier this month, he recommended that his followers use encrypted messaging app Signal. That led to a massive surge in people downloading the app and caused shares in unrelated (but similarly named) biotechnology company Signal Advance to soar.

Last year, he also tweeted his belief that Tesla's stock price was "too high," and the price dropped by 10%.

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