Musk says excited by Twitter deal regardless of overpaying By Reuters

OAKLAND, Calif. (Reuters) – Elon Musk on Wednesday mentioned he was enthusiastic about his pending acquisition of Twitter Inc (NYSE:), though he and different traders had been overpaying for the social media firm.

Musk, the chief government of Tesla (NASDAQ:), was answering a query throughout a name after the electrical car 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 traders are clearly overpaying for Twitter proper now. The long run potential for Twitter in my opinion 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 underneath $700 billion, may very well be price greater than the mixed worth of Apple Inc (NASDAQ:)’s $2.3 trillion and oil producer Saudi Aramco (TADAWUL:)’s $2.1 trillion, he mentioned.

Musk has been making an attempt to lift money to fund the Twitter buy, and a few consultants say he might 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 in opposition to Elon Musk, giving the billionaire till Oct. 28 to shut the deal.

Tesla traders feared that the billionaire might 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 underneath one umbrella.