As a joke Tuesday, Tesla CEO Elon Musk suggested he was planning to purchase Manchester United, confusing fans and a corresponding rise in the team’s share price.
A long-running joke about Musk buying large companies was the inspiration for Musk’s tweet. Nevertheless, not everyone understood the joke, especially after he agreed to buy Twitter but later reneged.
Twitterverse is once again riled up by the man who keeps causing trouble. Elon Musk tweeted Tuesday that he would buy Manchester United, one of his favorite childhood sports teams.
The Red Devils are on the verge of being relegated from the Premier League after a shock loss to Brentford, but new ownership appears unlikely. To questions about whether Musk was serious, Musk responded via Twitter: “No, this is a long-running joke on Twitter.”. As far as sports teams go, I’m not buying any.”
Social media users weren’t the only ones paying attention to Musk’s tweets. The Wall Street Journal reported that Manchester United’s stock (MANU) briefly surged more than 2% following the tweets. Despite the small rally, the world’s richest man’s joke soon became apparent.
Sports franchises are becoming increasingly popular investments among celebrities, even if Musk may not buy one anytime soon. The Denver Broncos were sold to a group led by Rob Walton, the heir to Walmart’s fortunes, after Formula 1 star Lewis Hamilton purchased an ownership stake.
Did Elon Musk Really buy Manchester United?
It is also not cheap to own a sports franchise. Forbes’ 2021 rankings of the world’s 50 richest teams show that the average valuation of the world’s 50 richest teams jumped 9.9% to $3.4 billion, with the top 10 most valuable sports teams each valued at more than $4.2 billion.
Tesla’s tweets, however, have gotten Musk in trouble multiple times with the US Securities and Exchange Commission. A tweet he sent in 2018 read, “Am considering taking Tesla private at $420. Funding secured.”. As a result, he became embroiled in a dispute with the SEC.
Tesla stock surged after he tweeted the nine-word message, but the SEC accused him of misleading investors. Tesla executives had to approve Musk’s tweets before he could tweet about the company as part of the deal with regulators. While attempting to terminate his $44 billion acquisition of the social platform, the billionaire tweeted about Manchester United. He has been sued by Twitter for trying to leave.
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