Elon Musk is making headlines again for his Twitter use, with Shopify Inc. the newest beneficiary.
The billionaire of Tesla Inc. tweeted late Thursday that the ecommerce software company was “great” in response to another user’s comment, pushing Shopify’s inventory up a whopping 3.5% during late New York trading.
Musk increased the shares of at least half a dozen companies this month after posting on Twitter, where Tesla’s CEO has more than 43 million followers. Recipients of Musk’s touts include Polish video games maker CD Projekt SA, a Japanese toy company and the online marketplace Etsy Inc.
Tesla did not immediately respond to an email asking for comment.
Musk’s fondness for Twitter got him into trouble before. He was sued by the U.S. Securities and Exchange Commission in 2018 over reports of a plan to take Tesla private, and he eventually agreed to a settlement that included a $ 20 million fine and a requirement that he relinquish his role as chairman.
An increase of more than 700% in Tesla stock last year has helped make Musk the richest person in the world, with a fortune of more than $ 199 billion, the Bloomberg Billionaires Index.