Twitter Has 'Incredible Potential,' Says Musk

Elon Musk, who admitted he is "obviously" overpaying for Twitter, believes the micro-blogging platform has great long-term potential.

Following Tesla's strong 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.

"Although obviously, myself and the other investors are obviously overpaying for it with Twitter right now," Musk added.

As a result of dramatic twists and turns, Musk and Twitter have reached court over the $44 billion deal for Twitter.

A trial in the Delaware Court of Chancery in the US has now been postponed till October 28.

Tesla CEO is likely to sell a portion of his shares in Tesla to help finance the close of that $44 billion take-private deal, reports CNBC.

Federal authorities are investigating Tesla CEO Elon Musk over his $44 billion takeover of Twitter, the micro-blogging platform revealed in a court filing last week.

Musk's attorney Alex Spiro responded to Twitter's filing by saying it is a move to "distract from Twitter's own legal problems".