Manchester United shares rise after Elon Musk jokes about buying club

Shares of English football club Manchester United Plc briefly jumped as much as 17% in pre-market trading on Wednesday, after Elon Musk joked “Also, I’m buying Manchester United, welcome. “

Photo by Catherine Ivill / Getty Images

Shares of English football club Manchester United surged as fast as 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, welcome,” billionaire Written on Twitter. Hours later, Musk responded to a Twitter user asking if he was serious about buying the club and explained that it was just a joke.

“No, this is a long-running Twitter joke. I don’t buy any sports teams,” he tweetedbefore add: “Although, if it were any team, it would be Man U. They were my favorite team as a kid.”

Shares of Manchester United, which trades under the initials MANU on the New York Stock Exchange, were up 3.68% in pre-market trading at 4:30 a.m. ET, up slightly after rising The initial 17% after the tweet.

Based on the club’s most recent stock market valuation, the acquisition of Manchester United would cost Musk around $2 billion. Manchester United declined to comment on the matter when contacted by CNBC.

Musk’s initial tweet sparked widespread reactions and has garnered over 573 000 likes and has been retweeted over 140 000 times at the time of writing. Manchester United fans were surprised but hopeful as many criticized the club’s current owners, the American Glazer family.

This has to do with the club’s slow start to the current season of the English Premier League, recording two losses in two matches and the club being part of a failed attempt to set up the European Super League last year.

Even before Musk clarified that his offer to buy Manchester United was a joke, some fans were skeptical because the billionaire had a history of making similar jokes online.

In April this year, he tweeted that he would buy Coca-Cola “to get the cocaine back,” a tweet he repeated on Wednesday after explaining he would not buy Manchester United.

“And I don’t buy Coca-Cola to get cocaine back, despite the popularity of such a move,” Musk Written.

The initial tweet about buying Coca-Cola came just days after the Twitter board accepted Musk’s offer to acquire the social media company for $44 billion.

Musk has since returning to this agreement only four months after agreeing to it. Twitter is taking the billionaire to court over the dispute.

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