Costa initially joined the club on a season-long loan from Portuguese giants Benfica before sealing a permanent four-and-a-half year switch to Molineux yesterday.
Everton and West Ham were rumoured to be watching the Costa developments closely, but the former TalkSPORT pundit feels Wolves have made a mistake smashing their transfer record.
In response Wolves reporter Tim Spiers' tweet, he beleives the club have wildly overspent with super agent Jorge Mendes being the main beneficiary.
He also created the hashtag, 'When will fans and owners learn,' before going on to describe Fosun as 'rookie owners.'
But Jorge Mendes' relationship with the club was Collymore's main gripe throughout the rant.
And Collymore also fired broadsides at Villa owner Tony Xia when he referred to the chase to sign Brentford striker Scott Hogan, tweeting: "£15m for Hogan (if numbers are correct) is ****ing obscene."
And he continued:
However, Villa Xia hit straight back: