Stock for Madison Square Garden Inc., which had surged to $21.47 per share Wednesday from $20.27 on July 6 amid speculation that LeBron James would join the Knicks, fell 4.6 percent to $20.58 after reports indicated it was unlikely James would land in New York.

Meanwhile, James’ Twitter account that he launched Tuesday was up to 292,000 followers as of 8:40 a.m. Wednesday, despite the fact that James posted just three tweets since its inception.

In gossip news, a man who claims to be James’ biological father is suing James, according to the celebrity news website TMZ. Leicester Bryce Stovell, 55, claims he is the victim of a DNA cover up by James’ mother, Gloria. Stovell said he met James’ mother in a Washington, D.C., bar in 1984, when she was 15 and he was 29, and had a sexual encounter with her. After losing contact for 20 years, Stovell got in touch in 2007 when he began to suspect LeBron was his son. James’ lawyer agreed to a paternity test that came back negative, but Stovell insists the test was tampered with.