Kieran Maguire hits out at new Man United takeover ‘rumour’ on social media
The £270million soar in share price value at Man United was fuelled by speculation and a ‘fake’ social media account.
That is the view of finance expert Kieran Maguire, who spoke exclusively to Football Insider about the volatile nature of Man United’s stock market value during the takeover process.
Following reports from Qatar newspaper Al Watan that a takeover by Sheikh Jassim was imminent, the share price of the Red Devils on the New York Stock Exchange soared.
Football Insider revealed on Wednesday (14 June) that the stock market value of United rose around £270million after an increase of over 20 per cent.
However, The Athletic, questioned the source of the takeover reports after tracing the story back to a Twitter account in Cardiff, Wales.
Maguire insists the fake social media account played a pivotal role in provoking a strong reaction from the stock market.
“Man United’s share price is being determined by speculation,” Maguire told Football Insider’s Sean Fisher.
“We did see it rise as high as $27 in March before having a significant reduction when a final bidder wasn’t selected.
“I think any rumours being put out are likely to provoke a reaction in the share price, and it would appear that one of the latest came from a fake account on social media.
“I would imagine that most sensible investors would avoid speculation and make their decision to buy or not to buy Man United shares on the basis of the club’s fundamentals in terms of its financing.“
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