Tesla CEO Musk says he and other investors `obviously overpaying' for Twitter
Scott Olson


Tesla (NASDAQ:TSLA) CEO Elon Musk said that he and other investors are "obviously overpaying" for Twitter (NYSE:TWTR) right now. Twitter rose 1.4% in after hours trading.
"I think it's an asset that has sort of languished for a long time, but it has incredible potential," Musk said on the electric car maker's earnings conference call. "Although obviously myself and the other investors are obviously overpaying for Twitter, the long term potential for Twitter in my view is in an order of magnitude greater than its current value."

The billionaire's comments come as Musk is expected to complete his $44 billion purchase of the social media giant by next Friday after he decided to go ahead with the deal at its original price of $54.20/share after earlier trying to get out of the transaction. 

A Delaware Chancery Court judge gave the parties until next Friday to complete the merger if they want to avoid trial.