Obviously overpaying but excited: Elon Musk on $44 billion Twitter deal

By Team Newsable | First Published Oct 20, 2022, 9:15 AM IST

Elon Musk answered a question during a call after the electric vehicle maker's quarterly report. "Myself and the other investors are overpaying for Twitter at the moment. Twitter's long-term potential, in my opinion, is orders of magnitude greater than its current value," he said.

After much deliberation, the long-running drama over the $44 billion Twitter deal appears to end, with the world's richest man finally buying the microblogging platform. The Tesla CEO seems 'excited' to be the new Twitter CEO, despite his belief that he spends too much time on the social media platform.

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

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Musk was responding to a question during a conference call following the company's quarterly report. The world's wealthiest person is pursuing the Twitter acquisition after attempting to back out of the $44 billion deal.

Twitter, according to Musk, had 'languished' for a long time. "Myself and the other investors are clearly overpaying for Twitter at the moment. Twitter's long-term potential, in my opinion, is orders of magnitude greater than its current value," he said.

Musk also expressed optimism about Tesla during the same conference call. Tesla, which has a market cap of less than $700 billion, could be worth more than Apple Inc's $2.3 trillion and Saudi Aramco's $2.1 trillion, he claims.

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

A Delaware judge halted Twitter Inc's lawsuit against Elon Musk, giving the billionaire until Oct. 28 to complete the transaction.

Tesla investors were concerned that the billionaire would sell more Tesla stock to finance the deal, spreading himself too thin and causing shares to fall.

Musk, CEO of SpaceX, Neuralink, and Boring Company, stated on Wednesday that he does not currently have plans to merge his companies with Twitter.

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