Manchester United shares rise after Elon Musk jokes about buying the club
Shares of English football club Manchester United Plc briefly rose 17% in pre-market trading on Wednesday after Elon Musk jokingly tweeted “Plus I’m buying Manchester United, you welcome”.
Photo by Catherine Ivill/Getty Images
Shares of English football club Manchester United briefly rose 17% in pre-market trading on Wednesday after Tesla CEO Elon Musk jokingly tweeted that he would buy the club.
“Also, I’m buying Manchester United, you’re welcome,” the billionaire said wrote on Twitter. Hours later, Musk responded to a Twitter user asking if he was serious about buying the club and clarified it was a joke.
Manchester United shares, which trade under the abbreviation MANU on the New York Stock Exchange, rose 3.68% in premarket trading at 4:30 a.m. ET, trimming gains after initially jumping 17% after the tweet.
Based on the club’s latest stock market valuation, the purchase of Manchester United would have cost Musk around $2 billion. Manchester United declined to comment on the matter when contacted by CNBC.
Musk’s original tweet garnered a wide response and had gained over 573,000 likes and been retweeted over 140,000 times at the time of writing. Manchester United fans reacted surprised, but hopeful, as many criticized the club’s current owners, the American Glazer family.
This is linked to the club’s slow start to the current season in the English Premier League, with two defeats in two games, and the fact that the club took part in the failed attempt to create the European Super League last year.
Even before Musk clarified his bid to buy Manchester United was a joke, some fans remained skeptical as the billionaire has a habit of making similar jokes online.
In April of this year, he tweeted that he would buy Coca-Cola “to put the cocaine back in”, a tweet he referenced on Wednesday after making clear he would not buy Manchester United.
“And I don’t buy Coca-Cola to refill cocaine, despite the extreme popularity of such a move,” Musk said. wrote.
The original tweet about buying Coca-Cola came just days after Twitter’s board accepted Musk’s offer to buy the social media company for $44 billion.
Musk has since reneged on that deal just four months after agreeing to it. Twitter is suing the billionaire over the dispute.