Elon Musk sends Shopify shares soaring with a touch of Twitter
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Tesla chief executive Elon Musk has boosted the shares of at least six companies this month after posting on Twitter, where he has more than 43 million followers.
NEW YORK • Elon Musk is making headlines again for his use of Twitter, with Shopify being the latest beneficiary.
The Tesla billionaire tweeted late on Thursday that the e-commerce software company is "great" in response to another user's comment, sending Shopify's stock up as much as 3.5 per cent in late trading in New York.
Mr Musk has boosted the shares of at least six companies this month after posting on Twitter, where the Tesla chief executive has more than 43 million followers. Beneficiaries of his tweets include US video-game retailer GameStop, Polish video-game maker CD Projekt, a Japanese toy company, and online marketplace Etsy. Tesla did not immediately respond to an e-mail seeking comment.
Mr Musk's fondness for Twitter previously got him into trouble. He was sued in 2018 by the US Securities and Exchange Commission over posts about a plan to take Tesla private, but eventually agreed to a settlement that included a US$20 million (S$26.6 million) fine and a requirement that he relinquish his role as chairman.
A more than 700 per cent rally in Tesla shares last year helped make Mr Musk the world's richest person, with a fortune exceeding US$199 billion, according to the Bloomberg Billionaires Index.
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