Elon Musk is making headlines again for use on Twitter with Shopify Inc. the most recent beneficiary.
Billionaire Tesla Inc. wrote late Thursday that the e-commerce software company was “great” in response to another user’s comments, sending Shopify stock up to 3.5% to late New York transactions.
Musk increased the shares of at least half a dozen companies this month after posting on Twitter, where Tesla’s chief executive has more than 43 million followers. Beneficiaries of Musk’s promotions include Polish video games producer CD Projekt SA, a Japanese toy company and online marketplace Etsy Inc.
Tesla did not immediately respond to an email requesting comments.
Musk’s affection for Twitter put him in trouble earlier. He was sued in 2018 by the U.S. Securities and Exchange Commission for messages regarding a Tesla privatization plan, eventually accepting a an agreement that included a $ 20 million fine and an obligation to step down as president.
A rally of more than 700% in Tesla shares last year helps Musk become the richest person in the world, with a fortune exceeding 199 billion dollars, according to Bloomberg Billionaires Index.