Etsy Hits New All-Time Highs After Elon Musk Tweets His Approval

Shares of Etsy Inc ETSY hit a new all-time high early Tuesday morning after the world's richest person tweeted he "kinda loves" the e-commerce platform.

What Happened: Tesla Inc TSLA CEO Elon Musk, fresh off being crowned the world's richest person, said in a tweet he bought a hand-knit wool Marvin the Martian helmet for his dog.

Musk's tweet sent Etsy's stock higher by 9% premarket Tuesday and eclipsed its prior 52-week high of $225.74.

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Why It's Important: Musk's tweet doesn't seem to be a direct endorsement of Etsy's stock itself, and it's unclear whether he loves the company, its stock or both. But investors and traders didn't seem to care and started bidding the stock higher regardless.

A check on Etsy's investor relations website shows no releases that would justify adding $1 billion to its market cap. The company isn't scheduled to report fourth-quarter results until early March.

Photo courtesy of Etsy.