August 17, 2022

Manchester United stock rallies even as Elon Musk says his tweet about buying the soccer club was a joke

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Elon Musk tweeted that he was going to buy Manchester United, but quickly said he was joking.
Manchester United’s stock jumped more than 3% following the tweet.
Trading volume for shares in the sports club skyrocketed to more than double their daily average.

Shares of Manchester United jumped as much as 3% Wednesday following Elon Musk’s tweet about buying the English sports club.

The Tesla chief quickly clarified that he was only joking about the purchase, tweeting out four hours later: “this is a long running joke on Twitter. I’m not buying any sports teams.”

—Elon Musk (@elonmusk) August 17, 2022

Trading volume for Manchester United soared following Musk’s comments, hitting a daily volume of 2,966,280 – far above the average volume of 575,196.

Later, in a third tweet, Musk said that if he were to buy a sports team, that Manchester United would be his pick.

“They were my fav team as a kid,” he said.

Shares of the sports club traded at roughly $13.13 at 10:15 a.m. Wednesday, about 2.74% higher on the day.

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