Elon Musk Says His Twitter Acquisition Deal Is Overvalued But Has Strong Potential

Billionaire Elon Musk is letting the world in on how his Twitter acquisition deal is on track, despite all the drama that has taken place behind the scenes.

The world’s richest man gave a strong indicator that things are going according to plan and while the deal is costing him a lot of extra money, there’s some strong potential there.

Moreover, there was talk about the deal finalizing by October 28 and it’s definitely going to be a lot of extra spending for him and his investors, as he dubbed the deal as being overvalued.

Referring to himself as an overpayer in this scenario, he hopes the long-term investment will bring back great returns for him and his team. And by that, he means the value of the company in the future will be way more than where it currently stands.

These announcements came as he talked about the quarterly results for Tesla and not as a separate tweet on the matter. In the same way, he called out the firm for being a huge asset that may have languished with time but all in all, he’s super excited about the current scenario.

In April of this year, Elon Musk shocked the world when he opted to acquire Twitter for a staggering $44 billion and that’s nearly $54.2 a share. However, in July, he flipped sides and opted to back out of the deal. The reason outlined by the billionaire was simple. He felt that the time had come to unveil to the world that Twitter had way more spam and bots on the app than what it had disclosed.

Wasting precious time on Twitter and many others, the company decided to sue the billionaire for failing to stick to the terms and conditions of the contract. And after a court trial was set out, Elon Musk again shifted gears and mentioned that he was going to buy the firm after all at the originally stated price.

Elon Musk is preparing a new start to an era where he will now be called out as Twitter’s CEO. After seeing the way Kanye West was treated for his anti-Semitic posts, Musk says he’s not keen on going in that direction. Instead, he will take on board a more laid-back approach regarding speech control.

This means those who were once banned like former US president Donald Trump would be allowed back on to the app again. Moreover, he’s finding a lot of humor in this scenario, posting a meme that features him, West, and Trump as the three musketeers. But after a while, he deleted it.

On Wednesday, we saw the shares for Twitter rise to new heights but as the deadline for the acquisition deal gets closer and closer, the firm can be seen freezing the equity awards of its employees. Musk is even going to the extent of selling shares of Tesla to help fund the ordeal.

And when he was questioned about the overlap seen between Twitter and two other firms, he claimed that it’s not zero but they’re getting close to reaching something.

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