New Times,
New Thinking.

  1. Business
  2. Companies
20 April 2022

Why Elon Musk desperately wants to own Twitter

The world’s richest man is fighting to control his primary means of making money.

By Will Dunn

On 27 March, Elon Musk tweeted what is perhaps his clearest statement of intent for Twitter: “Seize the memes of production!” Musk knew at the time that he was the platform’s biggest shareholder, but the rest of the world didn’t. Since this information became public he has increased his efforts to take control of Twitter, securing $46.5bn (including a margin loan secured by most of his Tesla stock) to launch a takeover bid.

This is a lot to spend on Musk’s stated aim of protecting freedom of speech on one social media website. It’s not clear why someone who has used Twitter to call someone a “pedo”, to advocate overthrowing a government for profit, and to threaten adverse consequences for unionised employees, all with apparently little or no consequences, thinks there is any risk to free speech on the platform. It’s even possible that the CEO of a company that has accused the BBC and the New York Times of fabricating critical reviews of its products doesn’t care about free speech quite as much as he’d have us believe. 

Subscribe to The New Statesman today from only £8.99 per month
Content from our partners
The role and purpose of social housing continues to evolve
More than a landlord: A future of opportunity
Towards an NHS fit for the future
Topics in this article : , ,