Home » World News » Elon Musk says he's 'obviously overpaying' for Twitter but touts platform's 'incredible potential'
Elon Musk says he's 'obviously overpaying' for Twitter but touts platform's 'incredible potential'
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Elon Musk expressed excitement Wednesday over his pending acquisition of Twitter despite his past efforts to walk away from the $44 billion deal.
The billionaire, who runs Tesla, spoke about the transaction during electric vehicle maker's conference call with analysts and investors.
"I think it's massive that this sort of languished for a long time, but has an incredible potential," Musk said. "Although, obviously, myself and the other investors are obviously overpaying for Twitter right now, the long-term potential for Twitter, in my view, is, in order of magnitude, greater than its current value."
In April, Musk agreed to acquire the social media giant and take it private for $54.20 per share. In July, he notified Twitter that he was planning to terminate the deal after claiming the company breached its obligations by misrepresenting the number of spam and fake accounts on the platform. Twitter maintains that spam and fake accounts make up less than 5% of its total users.
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In response, Twitter filed a lawsuit against Musk, accusing him of refusing to honor his obligations under the agreement because "the deal he signed no longer serves his personal interests." Musk proceeded to file a countersuit, which was amended last month to include allegations from whistleblower and former Twitter security chief Peiter "Mudge" Zatko.