Musk spent a lot of time trying to walk away from his deal to buyTwitter. He is positive about the purchase.
"Obviously I know their product very well, so I'm excited about the situation," Musk said. It has been an asset for a long time but has great potential.
In April, Musk offered to take the social network private at a valuation of $43 billion. Shareholders were urged to approve the deal before it was accepted.
In July, Musk said he was canceling the deal because of a dispute over the number of fake accounts. The lawsuit was filed to make Musk follow through.
Earlier this month, Musk offered to buy the micro-blogging site for his original asking price. The deal is expected to close by the end of the month. Musk made an abrupt U-turn after he criticized the company and its leadership in court and on the platform.
"Although obviously myself and the other investors are overpaying, the long-term potential for Twitter in my view is an order of magnitude greater than its current value," Musk said.
Musk and a group of investors will pay for the company. Before Musk said he would complete the deal, shares were trading below $43.
The acquisition ofTesla will accelerate the creation of X, the everything app.
Musk will add the social-media network to a pile of other ventures.
All Rights Reserved © 2024
