Shares for Etsy, an online
marketplace, rose on Tuesday after Tesla CEO Elon Musk tweeted how he loves the
e-commerce website.

“I kinda love Etsy”, Musk tweeted on
Tuesday, adding he bought a hand-knit ‘Marvin the Martian’ helmet made out of
wool for his dog from the website, according to a report by Business Insider.

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Expectedly, the company’s shares grew
within minutes of Musk putting out the tweet.

Up around 2.2% on Tuesday, prices for
Etsy’s shares hovered around the rate of $213.38 per share.

The marketplace that has been active
since the last 15 years, competes with brands such as Shopify, Big Cartel, Amazon
Handmade.

The website states the marketplace to
be “A one-of-a-kind-community”, while at the same time highlighting that it houses
items brought to the customer by independent creators.

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Significantly, an interesting aspect
of the platform is its seller pool, which consists mostly of women (about 80%).

The platform reportedly saw number of
sellers increase in 2020 to 3.8 million, an increase of 51% from the previous
year, where it stood at 2.4 million.

Reports of its earnings state that
the company generated about $451 million in revenue – an increase from $428.7 million
revenue generated in the previous quarter.