Musk says overpaying for Twitter but it has ‘incredible potential’

Admitting that he is “obviously” overpaying to acquire Twitter, Elon Musk has said that the micro-blogging platform has great potential in the long term.

In an earnings call after posting strong Tesla quarterly results, Musk said late on Wednesday that Twitter has “incredible potential”.

“The long-term potential for Twitter, in my view, is an order of magnitude greater than its current value,” he told analysts.

“I am excited about the Twitter situation because obviously, I know that part incredibly well. And I think it’s massive and has sort of languished for a long time but has incredible potential,” the world’s richest man noted.