Elon Musk admits Twitter purchase was a poor financial decision
In an interview with Fox News, Elon Musk admitted that his Twitter purchase was a poor financial decision but maintained that "some things are priceless".
Musk's Twitter acquisition has not seen smooth sailing. So, when host Tucker Carlson asked if Twitter was worth the buy, Musk said, "It remains to be seen as to whether this was financially smart", reports NDTV.
Musk acknowledged his recent $20 billion valuation of the site, he said, "Currently, it is not. We just revalued the company at less than half of the acquisition price".
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He also added, "My timing was terrible for when the offer was made because it was right before advertising plummeted."
In the interview, he further explained by saying, "Yeah, so I must be a real genius here. My timing is amazing since I bought it for at least twice as much as it should have been bought for. But some things are priceless."
Musk added, "So whether I'm losing money or not, that is a secondary issue compared to ensuring the strength of democracy. And free speech is the bedrock of a functioning democracy."
Previously, in an interview with BBC, Musk had revealed that he was planning to sell the company once he finds the right person.
A document, filed by the company in a California showed Twitter Inc. had ceased to be an independent company after merging with a newly-formed firm called X Corp, leading to further speculation about Musk's intention to sell the company.
The document said that Twitter "no longer exists".
