(Bloomberg) -- Elon Musk said he and other investors are “obviously overpaying” for Twitter Inc.
Tesla Inc.’s chief executive officer said he is “excited about the Twitter situation,” describing the social media company as an asset that has “sort of languished for a long time” but has “incredible potential.”
The company’s long-term potential is an “order of magnitude greater than its current value,” Musk’s said on Tesla’s quarterly earnings call Wednesday.
Twitter shares climbed in after-hours trading on Musk’s remarks, rising 1.6% at 6:32 p.m. in New York.
Musk faces a court-issued Oct. 28 deadline to seal his $44 billion purchase of Twitter.
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