Tesla Inc TSLA chairman Elon Musk said Twitter Inc TWTR is a attachment which has long “languished”, but he still sees potential in it.
What happened: Musk’s comments came on Wednesday on Tesla’s earnings call for the third quarter.
The entrepreneur said: “I and the other investors are obviously paying too much for Twitter at the moment. The long-term potential for Twitter is, in my opinion, an order of magnitude greater than its current value.” reported Reuters.
The Tesla CEO said he was excited about the upcoming acquisition of the Jack Dorsey-founded platform, according to the report.
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Why it matters: Musk this month revitalized an abandoned $44 billion attempt Buy Twitter for $54.20 per share.
He previously hinted at the creation of “X,” a super app, and said Twitter is an “accelerator” in the cration of such an app of everything.
Teslas Sales in the third quarter came in at $21.45 billion, up 56% year over year and beating analyst estimates of $21.96 billion. according to Benzinga Pro.
Price promotion: On Wednesday, Tesla shares fell 6.25% to $208.16 in extended trading after closing 0.8% higher at $222.04. On the same day, after close of business, Twitter shares were up 1.4% to $52.55.
Continue reading: Earnings season is here: Tesla, Netflix, IBM, AT&T, and more on deck — but this stock might be “most important.”
