Tesla Inc TSLA CEO Elon Musk said Tuesday he was buying the Manchester United Football Club, better known as Man United.
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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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.
— 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.
Image and article originally from www.benzinga.com. Read the original article here.