Social media

Musk says he’s excited about deal on Twitter despite overpayment

Elon Musk. Dado Ruvic/Reuters

Elon Musk on Wednesday said he was excited about his impending acquisition of Twitter, although he and other investors had paid too much for the social media company.

Musk, the chief executive of Tesla, was answering a question on a call after the electric vehicle maker’s quarterly report. The world’s richest person is suing to buy Twitter after earlier trying to pull out of the US$44 billion deal.

Musk described Twitter as an asset that had been “languishing” for a long time. “I and other investors are clearly paying too much for Twitter right now. Twitter’s long-term potential, in my view, is an order of magnitude greater than its current value,” he said. .

On the same conference call, Musk also spoke optimistically about Tesla. Tesla, with a market cap now below $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, it said. he declares.

Musk has been trying to raise money to fund the Twitter purchase, and some experts say he may need to sell about $3 billion more in stock after Tesla’s quarterly report to do so.

A US judge has ordered a break in Twitter’s lawsuit against Elon Musk, giving the billionaire until October 28 to close the case.

Tesla investors feared the billionaire would sell more Tesla stock to fund the deal and spread too thinly, driving shares down.

Musk, CEO of SpaceX, and Neuralink and Boring Company, said Wednesday that he has no current plans to combine them with Twitter under one umbrella. — Hyunjoo Jin, Peter Henderson and Akash Sriram, (c) 2022 Bloomberg LP