Although Musk did not give any specific information on this social media platform, he has been spurred on by believing that Twitter does not allow for free speech.
“Given that Twitter serves as the de facto public town square, failing to adhere to free speech principles fundamentally undermines democracy. What should be done?”
He then asked his followers if they thought a new platform was needed and Tweeted further:
“Free speech is essential to a functioning democracy”
Am giving serious thought to this
— Elon Musk (@elonmusk) March 27, 2022
Elon Musk has been repeatedly criticised by regulators, especially after he put out a poll as to whether he should sell 10% of his Tesla stock which in turn caused the share price to fall. After this, Musk accused the U.S Securities And Exchange Commission of “harassment”.
It’s not too surprising that Musk is putting the idea of a new social platform out there, however he isn’t the first to do so. Donald Trump, who was banned from Twitter in January 2021, set up Truth Social in February.
Social Media Consultant, Matt Navarra, told CNBC:
“There seems to be a trend for wealthy individuals with a polarizing presence on social media that gets them in trouble, to want to build their own platforms,”
“One can only assume their logic is by building their own social network, they get to create the content moderation rules they often fall foul of on Twitter, Facebook.”
Navarra explained that this wouldn’t be an easy task as most new social networks fail. It seems a lot of people wanting to create a space for free speech often end up with users with the most extreme or politicised views and it is quite difficult to gain advertisers for this sort of content to keep the company going.
It will be very interesting to see if this is going to go somewhere or if Musk was just putting the ‘feelers’ out there.