Elon Musk on Wednesday said he was excited about his pending acquisition of Twitter, although he and other investors were overpaying for the social media company.
Musk, the chief executive of Tesla, was answering a question
during a call after the electric vehicle maker's quarterly report. The world's
richest person is pursuing the Twitter purchase after earlier trying to back
out of the $44 billion deal.
Musk described Twitter as an asset that had
"languished" for a long time. "Myself and the other investors
are obviously overpaying for Twitter right now. The long-term potential for
Twitter in my view is an order of magnitude greater than its current
value," he said.
In the same conference call Musk also spoke optimistically
about Tesla. Tesla, with a market cap now under $700 billion, could be worth
more than the combined value of Apple's $2.3 trillion and oil producer Saudi
Aramco's $2.1 trillion, he said.
Musk has been trying to raise cash to fund the Twitter
purchase, and some experts say he may need to sell about $3 billion more in
stock after the Tesla quarterly report to do so.
A Delaware judge ordered a pause to Twitter lawsuit against
Elon Musk, giving the billionaire until October 28 to close the deal.
Tesla investors feared that the billionaire may sell more
Tesla stocks to finance the deal and may be spreading himself too thin, pulling
down shares.
Musk, CEO of SpaceX, and Neuralink and Boring Company, said
on Wednesday that he does not have a current plan to combine them with Twitter
under one umbrella. © Reuters
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