Excited By Twitter Deal Despite Overpaying, Says Elon Musk

Elon Musk on Wednesday said he was excited about his pending acquisition of Twitter Inc, although he and other investors were overpaying for the social media company.

Elon Musk said Wednesday that he is excited about his impending takeover of Twitter Inc, even though he and other investors have overpaid the social media company.

Musk, Tesla's CEO, was answering a question during a call after the electric car maker's quarterly report.

The world's richest person is following up on buying Twitter after it earlier tried to undo a $44 billion deal.

Musk described Twitter as an asset that has been "weakened" for a long time. “Obviously I and other investors are overpaying for Twitter at the moment.

The long-term potential of Twitter in my view is an order of magnitude greater than its current value.”

On the same conference call, Musk also spoke optimistically about Tesla. Tesla, which now has a market value of less than $700 billion, could be worth more than the combined value of Apple of $2.3 trillion and that of oil-producing Saudi Aramco of $2.

1 trillion, he said.

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

A Delaware judge has ordered a stay of Twitter Inc's lawsuit against Elon Musk, giving the billionaire until October 28 to close the deal.

Tesla investors feared that the billionaire might sell more Tesla shares to fund the deal and might spread himself too thinly, sending shares down.

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ProBuzzFeed