Musk says he's 'excited' about buying Twitter, but overpaying

Musk says he's 'excited' about buying Twitter, but overpaying

Elon Musk said Twitter has "incredible potential," but he and other investors are overpaying for it in the $44 billion buyout deal
Elon Musk said Twitter has "incredible potential," but he and other investors are overpaying for it in the $44 billion buyout deal. Photo: Olivier DOULIERY / AFP/File
Source: AFP

PAY ATTENTION: Сheck out news that is picked exactly for YOU ➡️ find the “Recommended for you” block on the home page and enjoy!

Elon Musk on Wednesday said he is "excited" about taking over Twitter, expressing enthusiasm even though he's spent months trying to break free of the $44 billion buyout contract.

A US judge early this month suspended litigation in the saga over Musk's proposed takeover of Twitter, giving the parties until October 28 to finalize the on-again, off-again megadeal.

Twitter had filed a lawsuit to hold Musk to the terms of the deal he inked in April after the Tesla chief sent word he was terminating the contract.

"I'm excited about the Twitter situation," Musk said while fielding questions on a Tesla quarterly earnings call.

"I think it's an asset that has just sort of languished for a long time but has incredible potential, although obviously myself and the other investors are overpaying for Twitter right now."

Read also

Tokyo Olympics bribery scandal widens with mascot allegations

Musk added that he believes Twitter has potential to be worth "an order of magnitude" more than it is now.

PAY ATTENTION: Follow us on Instagram - get the most important news directly in your favourite app!

Delaware Judge Kathaleen McCormick granted a request by Musk to freeze the case despite bitter opposition from Twitter, and said that a trial originally set for this week could be rescheduled for next month if a deal is not finalized.

With trial on Twitter's breach-of-contract suit against Musk looming, the unpredictable billionaire had done an about-face, reviving his takeover plan on condition the court halt the lawsuit against him.

Musk began to step back from the Twitter deal soon after it was agreed, and said in July he was canceling the purchase because he was misled by Twitter concerning the number of fake "bot" accounts, allegations rejected by the company.

Read also

Parler seen as home for far-right -- and now Kanye West

Twitter, meanwhile, has sought to prove Musk was contriving excuses to walk away -- simply because he changed his mind.

Musk's potential stewardship of the influential social media site has sparked worry from activists who fear he could open the gates to more abusive and misinformative posts.

PAY ATTENTION: Сheck out news that is picked exactly for YOU ➡️ find the “Recommended for you” block on the home page and enjoy!

Source: AFP

Authors:
AFP avatar

AFP AFP text, photo, graphic, audio or video material shall not be published, broadcast, rewritten for broadcast or publication or redistributed directly or indirectly in any medium. AFP news material may not be stored in whole or in part in a computer or otherwise except for personal and non-commercial use. AFP will not be held liable for any delays, inaccuracies, errors or omissions in any AFP news material or in transmission or delivery of all or any part thereof or for any damages whatsoever. As a newswire service, AFP does not obtain releases from subjects, individuals, groups or entities contained in its photographs, videos, graphics or quoted in its texts. Further, no clearance is obtained from the owners of any trademarks or copyrighted materials whose marks and materials are included in AFP material. Therefore you will be solely responsible for obtaining any and all necessary releases from whatever individuals and/or entities necessary for any uses of AFP material.