The richest person in the world is in the process of acquiring social media platform Twitter Inc TWTR. Elon Musk says the deal isn’t about making money.
What Happened: Tesla Inc TSLA CEO Elon Musk submitted a new proposal to acquire Twitter for $44 billion last week. The deal comes as Twitter and Musk are set for a highly publicized trial, with both parties suing each other.
Musk told Financial Times editor Roula Khalaf that the acquisition isn’t about making money.
“I’m not doing Twitter for the money. It’s not like I’m trying to buy some yacht and I can’t afford it,” Musk said. “I think it’s important that people have a maximally trusted and inclusive means of exchanging ideas, and that it should be as trusted and transparent as possible.”
Musk has previously said that he would support more free speech on Twitter and reverse previous bans, leaving bans only for spam accounts and those that “explicitly advocate violence.”
A reversal of the ban on former President Donald Trump on Twitter could also come with Musk owning the platform, which could hurt Trump’s Truth Social platform, which was created under his Trump Media & Technology Group.
“It (Truth Social) is essentially a rightwing echo chamber. It might as well be called Trumpet,” Musk said of Truth Social.
Trump Media & Technology Group is in the process of merging with Digital World Acquisition Corporation DWAC. The deal has faced setbacks, and a recent vote extended the merger deadline.
Related Link: Exclusive: M&A Expert Julian Klymochko Says This Was The Dagger To Elon Musk’s Case Against Twitter
Musk Loves Twitter: Musk said he enjoys being on Twitter and interacting with his 100 million plus followers.
“Aren’t you entertained?” Musk said. “I play the fool on Twitter and often shoot myself in the foot and cause myself all sorts of trouble.”
Musk said Twitter can be “an invitation to increase your pain level,” joking that he may be “a masochist.”
“I find it vaguely therapeutic to express myself on Twitter. It’s a way to get messages out to the public.”
The Tesla CEO has praised Twitter over the years and taken himself and at times his companies off of other social media platforms like Facebook and Instagram, units of Meta Platforms META.
Photo: Created with images from Tesla Owners Club Belgium and Gage Skidmore on Flickr
Image and article originally from www.benzinga.com. Read the original article here.