Elon Musk, who will spend several billion dollars to buy Twitter, however, believes that the potential of the social network “is much greater than its current value”.
Elon Musk thinks he’ll pay ‘too much’ for Twitter but continues to believe in the long-term potential of the social network he’s supposed to buy by the end of the month for $44 billion if he wants avoid an unprecedented trial.
Asked Wednesday about the situation with Twitter, he said he was “enthusiastic”, because it is a product he “knows incredibly well”. The multi-billionaire was answering questions from financial analysts at the quarterly earnings conference for Tesla, his electric vehicle company.
Twitter “is an asset that has been languishing for a long time but has incredible potential,” he said. “It’s clear that the other investors and I will obviously pay way too much right now, but the potential (of the platform) is far greater than its current value.”
“I am not an investor”
The whimsical leader had made an acquisition offer reluctantly accepted by Twitter at the end of April, before seeking to extract himself from it unilaterally at the beginning of July, accusing the company of having lied to him.
The social network filed a complaint and Elon Musk finally assured at the beginning of the month that the transaction was really going to take place, ten days before the start of the trial. The judge adjourned the proceedings and gave both parties until October 28 to complete the transaction.
On Tuesday, analysts also asked the richest man in the world if he planned to bring together his various companies (Tesla, SpaceX, Neuralink…) and Twitter under a single brand, like Berkshire Hathaway, Warren’s holding company. Buffett.
“I’m not sure there are synergies,” replied Elon Musk. “I am not an investor. I am an engineer, a specialist in industrial production and technologies. I work in the design and development of products. I do not see a clear way to bring (them) under a single entity , not at this stage anyway”.