- Manchester United stock spiked after-hours as Elon Musk tweeted about buying the company.
- MANU stock is closely held by the Glazer family.
- Manchester United stock is down 25% year to date.
UPDATE: Individuals close to the Glazer family said they would be open to selling a piece of Manchester United, according to Bloomberg. "The owners have held some preliminary discussions about the possibility of bringing in a new investor", the article reads, adding that the family is not ready to cede control of the team. MANU stock is up 2.7% to $13.13 in early Wednesday trading after zooming as high as $13.75. The insiders who spoke with Bloomberg said the team was thought to be worth close to $6 billion. This is nearly three times the current stock market value of $2.14 billion. Over 1,500 call contracts for the $14 strike price expiring this Friday, August 19, have traded early Wednesday. The last price was $0.22 per share.
Manchester United (MANU) stock was making news after the close last night after Elon Musk tweeted about buying the club. Likely a joke, and he even said so, but that did not stop shares in MANU from spiking higher in after-hours trading. MANU had closed the regular session at $12.78 for little change on the day, but it spiked by about 3% as the "joke" began circulating.
Also read: Tesla Stock Deep Dive: Price target at $400 on China headwinds, margin compression, lower deliveries
MANU stock news
Also, I’m buying Manchester United ur welcome
— Elon Musk (@elonmusk) August 17, 2022
No, this is a long-running joke on Twitter. I’m not buying any sports teams.
— Elon Musk (@elonmusk) August 17, 2022
Although, if it were any team, it would be Man U. They were my fav team as a kid.
— Elon Musk (@elonmusk) August 17, 2022
There you have it. That is the main news really. Elon Musk is nothing if not eventful, and he does appear to love Twitter. He certainly likes to liven things up on the social media site, and once again this tweet got the job done.
MANU stock is still higher this morning in the pre-market, up by about 2.5%. The stock is trending heavily across the usual social media sites. Last week it was reported in the Manchester Evening News that a consortium was being drawn up to try and bid for the club, which is owned by the Glazer family. Michael Knighton is behind the coming bid.
This would be welcome news to some fans who have been looking for a change of ownership. MANU stock performance has been as poor as their on-pitch performances, and already the new season with a new manager in charge has started poorly. The Red Devils lost 4-0 to underdog Brentford on August 13. Fans are becoming disillusioned with the way the club is run, and some are looking for a change.
MANU stock forecast
Forecasting Elon Musk is a fraught game, but in our view, we take the later tweets at face value, and it was likely a joke. That leaves the other report of a consortium. Note that the club is not for sale with a reported 69% of shares being in the hands of the Glazer family. It is unlikely they would want to sell the club, given that it remains one of the most recognizable sports franchises on the planet.
American readers may not be as familiar, but given the massive global reach of soccer, especially in Europe and Asia, the club remains a huge billion dollar business.
Revenues will take a hit from the continued lack of lucrative Champions League football, but for Q3 MANU earned £153 million in revenue.
MANU stock, daily
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks
EUR/USD treads water just above 1.0400 post-US data
Another sign of the good health of the US economy came in response to firm flash US Manufacturing and Services PMIs, which in turn reinforced further the already strong performance of the US Dollar, relegating EUR/USD to the 1.0400 neighbourhood on Friday.
GBP/USD remains depressed near 1.2520 on stronger Dollar
Poor results from the UK docket kept the British pound on the back foot on Thursday, hovering around the low-1.2500s in a context of generalized weakness in the risk-linked galaxy vs. another outstanding day in the Greenback.
Gold keeps the bid bias unchanged near $2,700
Persistent safe haven demand continues to prop up the march north in Gold prices so far on Friday, hitting new two-week tops past the key $2,700 mark per troy ounce despite extra strength in the Greenback and mixed US yields.
Geopolitics back on the radar
Rising tensions between Russia and Ukraine caused renewed unease in the markets this week. Putin signed an amendment to Russian nuclear doctrine, which allows Russia to use nuclear weapons for retaliating against strikes carried out with conventional weapons.
Eurozone PMI sounds the alarm about growth once more
The composite PMI dropped from 50 to 48.1, once more stressing growth concerns for the eurozone. Hard data has actually come in better than expected recently – so ahead of the December meeting, the ECB has to figure out whether this is the PMI crying wolf or whether it should take this signal seriously. We think it’s the latter.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.