Investors may want to trade the short side of Manchester United (MANU).
At the moment, the MANU stock is up about 5% on a massive volume spike to 4.46 million shares, as compared to daily average volume of 575,196.
All after Elon Musk said he would buy it.
“Also, I’m buying Manchester United ur welcome,” he tweeted last night.
But, as Musk would tweet, he was only kidding, noting, “No, this is a long-running joke on Twitter. I’m not buying any sports teams.” That showed up around 12:34 a.m. Yet, traders sent the stock higher on hopes he would.
Unfortunately, even that joke could lead to problems for the billionaire. As noted by Barron’s, “There also is the obvious issue that Manchester United is a publicly traded company. If that stock moves, it will matter to regulators. Musk, after all, has more than 100 million Twitter followers. His Manchester United tweet had generated more than 25,000 comments about three hours after it was posted. The market’s collective eyes will be trained on Manchester United stock Wednesday, as well as Musk’s Twitter account looking for further clarification.”
We’re looking for the MANU stock to come down just as fast as it went up.