Elon Musk, the richest man and Chief Executive of Tesla on Wednesday sounded happy to finally acquire Twitter Inc even though he is settling more for the social media company.
His excitement could be glimpsed when he spoke to the media that he and his other investors were expending more than the deal. He added by saying that this effort will ensure a longer potential for Twitter in the coming years.
Musk prematurely announced on 14th April to buy Twitter for $54 billion and even shared his desire to add some modifications but later on 8th July backed out from the deal for which he faced legal allegations. Twitter filed a case in Delaware court. The court gave him a deadline of 28th October to resolve the deal. Till then, the equity accounts will remain closed for the workers until the lawsuit is closed with Elon Musk.
Musk has already sold many Tesla shares to cover up the finances to purchase Twitter but since he is overpaying, sources said he is trading more Tesla shares to raise the fund. Some experts are concerned that he might have to sell additional shares like about $3 billion in shares.
After all this, Tesla investors are in a great dilemma as they might have to sell more stakes to cover up the deal cost which will ultimately lower the shares.
However, Musk appeared to be relaxed as in a conference call he sounded convinced about the market weight of Tesla. He assumed that the market value of Tesla is greater than Apple and Saudi Arabia’s oil market.
Also, the CEO of SpaceX, Neuralink, and Boring Company declared that Elon Musk has no plan of merging Twitter with them.
Meanwhile, Tesla has been prospering every year. A net income of around $3.29 billion was received from July to September by Austin, Texas, and electric vehicles. In addition, Tesla has been selling vehicles at a huge count which made twice as much profit as last year.
This year Tesla has delivered a total of 908,573 vehicles so far. Tesla has to trade 25,000 more to win against last year’s record of 936,000 vehicles but to increase sales, it will still have to sell more than 500,000 vehicles this year or by early next year.