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Musk, the chief executive of Tesla, was answering a question
during a call after the electric vehicle maker's quarterly
report. The world's richest person is pursuing the Twitter
purchase after earlier trying to back out of the $44 billion
deal.
Musk 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 same conference call Musk also spoke optimistically about
Tesla. Tesla, with a market cap now under $700 billion, could be
worth more than the combined value of Apple Inc's $2.3 trillion
and oil producer Saudi Aramco's $2.1 trillion, he said.
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.
A Delaware judge ordered a pause to Twitter Inc's lawsuit
against Elon Musk, giving the billionaire until Oct. 28 to close
the deal.
Tesla investors feared that the billionaire may sell more Tesla
stocks to finance the deal and may be spreading himself too
thin, pulling down shares.
Musk, 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.
(Reporting by Hyunjoo Jin and Peter Henderson in San Francisco
and Akash Sriram in Bangalore; Editing by Sandra Maler)
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