Elon Musk says excited by Twitter deal regardless of overpaying

Elon Musk on Wednesday mentioned he was enthusiastic about his pending acquisition of Twitter Inc, though he and different buyers have been overpaying for the social media firm.

Musk, the chief government of Tesla, was answering a query throughout a name after the electrical automobile maker’s quarterly report. The world’s richest individual is pursuing the Twitter buy after earlier making an attempt to again out of the $44 billion deal.

Musk described Twitter as an asset that had “languished” for a very long time. “Myself and the opposite buyers are clearly overpaying for Twitter proper now. The long run potential for Twitter for my part is an order of magnitude better than its present worth,” he mentioned.

In the identical convention name Musk additionally spoke optimistically about Tesla. Tesla, with a market cap now below $700 billion, may very well be value greater than the mixed worth of Apple Inc’s $2.3 trillion and oil producer Saudi Aramco’s $2.1 trillion, he mentioned.

Musk has been making an attempt to boost money to fund the Twitter buy, and a few consultants say he could have to promote about $3 billion extra in inventory after the Tesla quarterly report to take action.

A Delaware choose ordered a pause to Twitter Inc’s lawsuit towards Elon Musk, giving the billionaire till Oct. 28 to shut the deal.

Tesla buyers feared that the billionaire could promote extra Tesla shares to finance the deal and could also be spreading himself too skinny, knocking down shares.

Musk, CEO of SpaceX, and Neuralink and Boring Firm, mentioned on Wednesday that he doesn’t have a present plan to mix them with Twitter below one umbrella.