Tesla Inc TSLA CEO Elon Musk jokingly said Tuesday he was buying the Manchester United Football Club, better known as Man United and some are of the view that such a deal would be more beneficial for the billionaire entrepreneur than going through with his deal to acquire Twitter Inc. TWTR.
What Happened: The billionaire said in a Twitter thread — in which he touched on his political affiliations — that he was buying the Old Trafford-based club that competes in the Premier League — the apex division of the English football league.
Also, I’m buying Manchester United ur welcome
— Elon Musk (@elonmusk) August 17, 2022
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Musk in a tweet hours later clarified that he made the comment in jest. "I’m not buying any sports teams," he said. "Although, if it were any team, it would be Man U. They were my fav team as a kid."
Why It Matters: The Red Devils have won the European Cup or the UEFA Champions League three times — in 1968, 1999 and 2008.
Man United is currently controlled by the U.S.-based Glazer family, which did not respond for comments on the development, reported Reuters.
Glazers purchased the club for GBP 790 million ($955.51 million) but the family has faced protests from fans, due to the team’s performance on the pitch, according to Reuters.
Investment strategist Raoul Pal said on Twitter that if Musk was really purchasing Man United, he would get 1.1 billion followers for $2 billion, which beats buying Twitter in terms of dollars for global reach.
If @elonmusk really is buying @ManUtd he will get 1.1bn followers for $2bn. That beats buying Twitter in terms of $ for global reach.https://t.co/7JbdWd5ECM
— Raoul Pal (@RaoulGMI) August 17, 2022
As of Tuesday, the club has a market capitalization of $2.08 billion based on the $12.78 stock price of Manchester United Plc MANU.
Price Action: On Tuesday, Tesla shares closed 0.9% lower at $919.69 in the regular session, according to data from Benzinga Pro.
Update: This story was edited to include a comment from Musk that he tweeted after the publication of this story.
Photo: Courtesy of Duncan Hall via Wikimedia (modified)
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