Musk recently prompted a Twitter meltdown after saying that he was buying crisis-hit Manchester United. In response, MicroStrategy’s Executive Chair Michael Saylor said, “we would prefer that you buy some more Bitcoin.”
Also, I’m buying Manchester United ur welcome
— Elon Musk (@elonmusk) August 17, 2022
Several hours after posting and having been probed on the matter, Musk later retracted his original statement, saying he is not “buying any sports teams.”
“No, this is a long-running joke on Twitter. I’m not buying any sports teams.“
But, true to form, Musk did leave a hint of possibility by letting slip that Manchester United was his favorite team as a child. And that if he were in the market for a sports team, “it would be Man U.”
Bitcoin outperforms Manchester United stock
Manchester United IPO’ed on Aug. 10, 2012, on the New York Stock Exchange. Its initial offering was priced at $14. MANU reached an all-time high of $27.70 during the week starting August 27, 2018.
Recent talk of a hostile takeover of the club, tabled by former board member Michael Knighton and backed by a consortium of wealthy individuals, has seen a spike in price. On August 17, MANU posted a 15-week high of $13.80.
The price of Bitcoin on August 10, 2012, was $11.39. Its all-time high of $69,000 was achieved on November 11, 2021. At writing, BTC is priced at $23,400.
$100 invested at the time of the Manchester United IPO would have grown to $197.86 at the peak price, making a 98% gain. However, investors that continued to hold would be sitting on a $1.43 loss at present, or – 1.4%.
By contrast, $100 invested in Bitcoin on August 10, 2012, would have grown to $605,795 at the market top, representing a 605,695% gain. Hodlers would have current unrealized gains of $205,443, or +205,343%.
Comparing peak prices for both assets, buying Bitcoin over Manchester United would have been 6,180 times more profitable.
Manchester United is in a crisis
Manchester United is at bottom of the Premier League after humiliating defeats against Brighton and Brentford, marking the worst start to a season in seven years.
Several high-profile signings have come in over the summer, such as Lisandro Martínez from Ajax and former Tottenham player Christian Eriksen. But the club has yet to seal a deal on its marquee target, Barcelona playmaker Frenkie de Jong.
Fans are planning to protest the club’s ownership at the upcoming home fixture against Liverpool on August 22, putting pressure on the Glazer family to sell and move on.
On August 17, Knighton announced he did not raise the required funding to buy the club. It’s estimated the cost would be in the region of $4.25 billion.