Elon Musk expressed excitement on Wednesday about his pending acquisition of Twitter Inc, despite the fact that he and other investors were overpaying for the social media company.
Musk, Tesla’s CEO, 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 previously 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 stated.
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 them with Twitter.
(Adapted from BusinessToday.in)
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