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Etsy shares rise after Elon Musk buys a hat for his dog

By Lauren Fruncillo January 27, 2021 - 2:40 pm

According to reports, Elon Musk shops on Etsy and caused Etsy shares to rise by around 3.5% when he tweeted about it. In the Tweet Elon says ‘I kinda love Etsy’ after purchasing a wool Marvin the Martian helm for his dog on the marketplace.

I’ve heard the starstruck stories of Etsy sellers receiving orders from celebrities, I’ve even heard the amusing stories of celebrities thinking they have some kind of priority with Etsy sellers due to their ‘Status’ but I can’t help but wonder what it was like to receive an order from the richest person on the planet.

This all happened on Tuesday this week and Etsy’s stock rose almost instantaneously after the tweet was published. The stock prices eventually eased back down that same day.

How Facemasks rescued Etsy shares:

When the Coronavirus outbreak first began Etsy was hit hard and their share price crashed from $62.46 losing half their value in half a month and hitting a low of $31.69 by the 20th of March…

Then, when the CDC recommended the wearing of fabric face masks to US citizens Etsy went crazy with millions of buyers immediately looking to purchase. Etsy mobilised thousands of sellers who ended up making millions of fabric face masks. At the time it wasn’t entirely clear how things would proceed and how long masks would be needed for but here we are in January 2021, with the shares currently sitting at $204.41.

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Featured in this article from the Tamebay Guide – companies that can help you grow and manage your business.

Etsy

Etsy is well known and a major player in the handmade and vintage arena with a marketplace that offers curated collections and suggestions.

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