Elon Musk’s reason for buying Twitter: “I’m not doing this to make money. I’m doing this to help humanity” – Twitter (NYSE: TWTR)

The world’s richest man nears the finish line of acquiring social media platforms twitter company TWTR. Many speculate why Tesla Inc Tesla CEO Elon Musk Along with the $44 billion acquisition of Twitter, Musk shared a few reasons for the deal on Thursday.

what happened: In a letter to “Dear Twitter Advertisers,” Musk talked about pending acquisitions expected to close this week.

“I want to get in touch in person to share my motivation for buying Twitter. There has been a lot of speculation about why I bought Twitter and what I think about advertising. Much of it is wrong,” Musk said in the letter.

Musk said he bought Twitter for the “future of civilization” and to create a “common digital town square.”
The platform will welcome both sides of the political aisle, he said.

“There is a great danger that social media will be divided into echo chambers of the far right and the far left, which will generate more hatred and divide our society.”

Musk acknowledged that Twitter cannot be a “hellscape where everyone is free,” and said there will be laws for the land. The Tesla CEO said the platform must be welcoming to everyone and let users decide what they want to watch and who to follow, likening it to choosing to play video games or watch videos based on their rating level and a person’s age and maturity. Movie.

“In their relentless pursuit of clicks, many traditional media outlets have fostered and pandered to these polarized extremes because they think it’s what brings in the money, but in doing so they lose the opportunity for dialogue.”

Musk said he humbly bought Twitter and recognized that failure to achieve his goals was possible.

“That’s why I bought Twitter. I didn’t do it because it was easy. I didn’t do it to make money. I did it to help the human beings I love.”

Musk told potential advertisers on Twitter that ads can do a good job of entertaining and informing users.

“To do this, Twitter users must be shown ads that are as relevant to their needs as possible. Low-relevance ads are spam, but high-relevance ads are actually content!”

Musk thanked past Twitter advertisers and said he wanted Twitter to be “the most respected advertising platform in the world.”

“Let’s create something extraordinary together.”

Related Links: Twitter Shares Fall on Poor Q2 Performance

Why it matters: Musk’s letter comes as his on-and-off acquisition of Twitter appears poised to close by a Friday, Oct. 28 deadline set by the Delaware Chancery Court to block Twitter’s lawsuit against Musk.

During a town hall meeting with Twitter employees in June, Musk discussed the idea of ​​free speech and said people should be allowed to make racist remarks on social media platforms, but Twitter should not promote them.

Musk also previously said he would welcome the former president back Donald Trump to twitter. The former president was banned for remarks made during the January 6, 2021, attack on the U.S. Capitol.

The new Twitter owner argues that everyone on Twitter should be welcome and that users should weed out people they don’t want to see — a tactic that can backfire and send users to other platforms.

Musk’s move to welcome the return of some banned users like Trump could also hurt existing social media platforms, such as Truth Social, which are more appealing to one side of the political spectrum than others.

Trump Media & Technology, Companies owning Truth Social have pending transactions with SPACs Digital World Acquisition Corporation DWAC public.

Kanye West Recently announced acquisition of social media platform Parler. West was kicked off multiple platforms for hate speech, but was welcomed by Musk on Twitter.

Musk’s remarks could weigh on other social media platforms like Instagram and Facebook, both of which are meta platform Yuan Decisions about banning users.

Musk has 110.2 million followers on Twitter, making him the third most followed account after Barack Obama and Justin Bieber. Musk recently passed the singer Katy Perry among the followers.

Musk’s letter on Thursday was widely followed and shared across the platform.musk’s mother mayer weigh In, called it a “wonderful message” and said she was the #ProudMom who read it.

TWTR price action: Shares of Twitter rose 1 percent to $53.93 on Thursday, close to a possible takeover price of $54.20 by Friday’s close.

Read more about what Twitter employees were asking of Musk before the acquisition.

Image via Shutterstock.

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