Elon Musk has finalized the deal to purchase the world's second-largest social media company, Twitter, and now the SpaceX CEO has revealed his motivation behind the acquisition.
Musk took to his personal Twitter account on the same day as he was made the official owner of Twitter, writing in a direct message to advertisers that he knows there has been much speculation surrounding his motivations for buying Twitter, and that majority of this online speculation has been incorrect. Musk explained that he purchased Twitter for $44 billion because he believes it's important "for the future of civilization" to have a common "town square" that allows for multiple points of view to be expressed and debated among individuals.
The now-Twitter-owner continued and said that there is currently "great danger that social media will splinter into far right-wing and far left-wing echo chambers" that result in more hate and divide throughout society. Musk went on to say that this divide has been fueled by the incentivization of "clicks" from the traditional media, which he believes has fueled both ends of the spectrum (right/left). Through this division and the traditional media push to generate as much money as possible by fueling the polarizing fire, the "opportunity for dialogue is lost", says Musk.
The SpaceX CEO says that the aforementioned reasons are his motivations behind purchasing Twitter, and that he didn't do it because "it would be easy", or to "make more money", but to "try to help humanity, whom I love". Notably, Musk accepts that there is a chance of failure in reaching the goal of having a fair online town square where people of all different kinds of beliefs can have dialogue, and he says this "with humility".
Furthermore, Musk explains that Twitter will not become a "free-for-all hellscape, where anything can be said with no consequences!". Moreover, the platform will adhere to the laws of the land while also remaining a warm and welcoming place that accommodates users' preferences which will result in individuals being able to choose their desired experience.
Musk is already receiving suggestions for how to improve the platform, one being that its top creators that bring in a high amount of engagement on their posts should be compensated, essentially monetizing their content as other social media apps do - TikTok, YouTube, etc. Musk responded to this suggestion and said, "Absolutely". Since Musk is now the owner, we can expect that Twitter will soon have a monetization feature for its top creators.
In other Elon Musk news, the SpaceX and Tesla CEO has reportedly been losing nearly $300 million every day for the last year, with his net worth dropping from its all-time high of $320 billion to just above $200 billion, a loss of more than $100 billion over the course of a year. To find out why Musk's net worth has dropped so significantly throughout 2022, check out the below link.
Additionally, Elon Musk, along with SpaceX, have confirmed that Starlink internet will work on any moving object. However, there is a big catch, and it has to do with the price of the service.