Elon Musk Says He Is Excited About Twitter Acquisition Despite Overpaying

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

Musk, the chief government of Tesla, 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 (roughly Rs. 3.6 lakh crore) deal.

Musk described Twitter as an asset that had “languished” for a very 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 mentioned.

In the identical convention name Musk additionally spoke optimistically about Tesla. Tesla, with a market cap now beneath $700 billion (roughly Rs. 60 lakh crore), could possibly be price greater than the mixed worth of Apple’s $2.3 trillion (roughly Rs. 200 lakh crore) and oil producer Saudi Aramco’s $2.1 trillion (roughly Rs. 180 lakh crore), he mentioned.

Musk has been making an attempt to boost money to fund the Twitter buy, and a few consultants say he might must promote about $3 billion (roughly Rs. 25,000 crore) extra in inventory after the Tesla quarterly report to take action.

A Delaware choose ordered a pause to Twitter lawsuit in opposition to Elon Musk, giving the billionaire till October 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, flattening shares.

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

© Thomson Reuters 2022