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Tesla CEO Elon Musk causes stir after joking about buying Manchester United

Yahoo Finance anchors discuss Elon Musk joking on Twitter about buying Manchester United and how it sent the stock higher.

Video transcript

BRAD SMITH: Elon Musk out with a fakeout on social media. The Tesla CEO saying on Twitter that he was buying Manchester United here. OK, there's the tweet. "Also, I'm buying Manchester United ur welcome." Only to later clarify that it was all just a long-running joke on Twitter and was not intending to buy any sports teams. Man-U shares, hey, they're up 4%. A relief rally, maybe.

BRIAN SOZZI: Well, look, this is a business actually making money, unlike Twitter that he's trying to buy that's not making any money. And it's Man-U. Now some of the valuations out there, it is widely known that this business is for sale, I believe, by the Glazer family. I think they bought it in 2011, or before 2011. But, nonetheless, this is a business actually profitable, seeing sales, and is a real business doing some good things. Not having a good season, but still, nonetheless, a business making money.

But it just goes to show you just the influence of Elon Musk, his rabid Twitter following, the fact that he's a richest person in the world, can come out here and tweet things like this, and the stock price goes up. And then, you have a lot of people buying in. And they probably lose a lot of money because it goes down after he says that he's not buying Man-U. It's crazy. But the valuation on Man-U anyway over $5 billion according to various reports.

BRAD SMITH: Right. Add it to the list of companies that he's talked about buying or has taken action to at least kick the tires on Twitter, of course. But then additionally, Coke, he's joked about that on Twitter before as well. And so add Man-U to the list here.

BRIAN SOZZI: You're catching a lot of heat on this PSL stuff. I just wanted to let you know that.

BRAD SMITH: Yeah, live during show. Blowing up.