Hasbro stock shoots up as Elon Musk ponders buying company for D&D
Share prices for Hasbro stock shot up on November 29 after Elon Musk teased his interest in purchasing the company to secure the rights to Dungeons & Dragons.
The billionaire CEO of Space X and X/Twitter first hinted at the prospect of purchasing the toy company on November 28 after taking issue with comments made by D&D Product Lead Jason Tondro in the 40th Anniversary ‘Making of D&D’ book.
Hasbro acquired the Dungeons & Dragons IP in 1999 when it purchased rights holder Wizards of the Coast, which also publishes Magic: The Gathering.
In response to further comments made by Tondro, Musk queried on November 28, “How much is Hasbro?”, suggesting his interest in purchasing the multi-billion dollar company. Serious or not, Hasbro’s share price subsequently shot up after Musk’s post.
Hasbro’s stock shoots up
Following a largely unremarkable period of minor peaks and troughs, Hasbro’s stock price spiked on November 29, less than a day after Musk questioned the company’s worth. Between November 29 and 30, the share price rose by 1.97%, peaking at over $66 per share before closing.
While Musk’s casual interest in acquiring yet another global brand isn’t conclusively the reason that Hasbro’s value increased, the timing is correlative, to say the least. Were the world’s richest man to seriously consider putting in an offer for Hasbro, a more substantial increase wouldn’t be surprising.
Hasbro’s share price experienced a sharp increase on November 29.How likely that outcome would be is anyone’s guess, but Musk isn’t unfamiliar with the hobby.
His love of Diablo 4 has been well-documented, ranking as 46th on Helltides.com‘s global Artificer’s Pit leaderboards for Season 6. On November 20, Musk posted footage of himself conquering level 150 of Artificer’s Pit with a total time of 1:52. If recognized by Helltides, the achievement would put Musk several seconds ahead of the current pole position, Resistance, whose time currently sits at 1:59.