Elon Musk has said he is excited about his pending acquisition of Twitter Inc (NYSE:TWTR), while noting that he and other investors were overpaying for the social media company, Reuters reported.
Musk, the chief executive of Tesla Inc, was answering a question during a call after the electric vehicle maker's quarterly report, the newswire said. Musk, the world's richest person, is now pursuing his Twitter purchase after earlier trying to back out of the $44 billion deal.
Musk also described Twitter as an asset that had "languished" for a 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 said in the call, Reuters noted.
READ: Twitter says Elon Musk is under federal investigations in court filing
Musk has been trying to raise cash to fund the Twitter purchase, and some experts say he may need to sell about $3 billion more in stock after the Tesla quarterly report to do so, Reuters added.
A Delaware judge ordered a pause to Twitter's lawsuit against Elon Musk, giving the billionaire until October 28 to allow him to close the deal.
Musk, also CEO of SpaceX, and Neuralink and Boring Company, said on Wednesday that he does not have a current plan to combine them with Twitter under one umbrella.
In April, Musk agreed to buy the social media giant for $54.20 per share (at the time the company traded at roughly $45 per share). He attempted to pull out of the deal in July (when the stock was trading around $37 per share), alleging that Twitter was concealing information about the number of fake accounts on its platform. Twitter shareholders approved the deal in September, and the matter appeared to be headed to court until Musk opted to proceed with his offer at the start of October rather than face legal challenges.
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