Elon Musk Says He’s “Overpaying” For Twitter –

Elon Musk gave a strong hint today that his purchase of Twitter is indeed a tortured deal, not through a tweet, but toward the tail end of an earnings call for Tesla. He said the social media platform he wants to get by the court-imposed Oct. 28 is too much right now, but has “unbelievable potential.”

“While obviously I and other investors are overpaying for Twitter right now, I see the long-term potential for Twitter at its current level,” the billionaire Tesla founder said after the electric automaker’s quarter. It’s more than worth it.” Results


He described Twitter as an asset that has been locked up for a long time.

“I’m excited about the Twitter situation,” he said.

Musk agreed to buy the company in April for $44 billion, or $54.20 per share, but walked away from the deal in July. Twitter filed suit in Delaware Chancery Court after a series of legal filings and some tense hearings. As markets tumbled this spring and summer, Musk began downplaying the company shortly after agreeing to buy it, at one point saying the deal was “on hold.” But with a trial date set for Oct. 17, Musk reversed course again earlier this month and agreed to a transaction at the original price. The judge adjourned the trial and closed his camp till October 28.

As Musk prepares to begin a new era as the owner of Twitter, he got a taste of what it might mean to respond to Kanye West’s anti-Semitic tweets. Musk has indicated he will take a more hands-off approach to how speech is moderated on the platform, allowing former President Donald Trump and others who have been banned again. This week, he tweeted and then deleted a meme depicting himself, Trump and West as the three musketeers, each with their own social media platform. You just got the parlor.


Twitter shares nosedived in late trading Wednesday, up about 1.49 percent to $52.60.

On Monday, Twitter froze the equity award accounts of its employees, according to reports, as the contract neared.

Musk sold Tesla shares to help fund the Twitter acquisition.

Asked on the call about folding his businesses, including Tesla, SpaceX and eventually Twitter, under one umbrella, he said, “It’s not clear to me what the overlap is. It’s not zero, but we’re getting there. are.”


“I’m not Warren Buffett. I’m not an investor. I’m an engineer and a manufacturing person and a technologist. I actually work and design and build products. We don’t have an investment portfolio or anything. . . . I don’t see a clear window where they can come together. At least now.”

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