Pretty Penny: Elon Musk Notes He is 'Obviously Overpaying' for Twitter, But Hopes Deal is Worth It

The businessman is expected to finalize his deal and purchase the social media company for $44 billion before the expiration of the court deadline, on October 28.

Billionaire Elon Musk stated on Wednesday that he is "obviously overpaying" for Twitter, but stressed that the social media giant had bright prospects.

During the quarterly earnings call for Tesla, the CEO stated that he is “excited about the Twitter situation". According to Musk, the platform "languished for a long time" but now it has "incredible potential", assessing it as an "order of magnitude greater than its current value" in the long run.

Earlier this month, he announced that the purchase is part of his plan to create "X, The Everything App," but the billionaire did not provide details on the matter.

Musk initially stated he wanted to purchase Twitter in April for approximately $44 billion ($54.20 per share). However, in July, the acquisition was halted as the businessman accused the company of concealing the number of fake accounts on the platform. Twitter has rebuffed the concerns, claiming that the arguments were "invalid and wrongful" and sued the businessman to make him proceed with the deal.