The strategy behind the massive acquisition. Elon Musk’s purchase of Twitter made headlines across the globe, and now he’s explaining why he did it. “I do a lot of philanthropic stuff,” the 50-year-old billionaire told Entertainment Tonight on Monday, May 2 at the 2022 Met Gala in New York City, defending himself against critics who claim he could have spent the $44 billion on something altruistic instead.
“In reality, my businesses are designed to benefit humanity’s future.” The South African native went on to say that Tesla is an example of how he’s “trying to accelerate the improvements in sustainable transport and energy,” and that SpaceX is “bringing the internet to the world’s fewer [served] people,” in addition to aiming to put humans on Mars. Musk also stated that his Starlink terminals are assisting in “giving connection” in Ukraine’s “hardest affected” regions, which are presently at war with Russia.
“So, aspirationally,” he said, “I’m trying to do good for mankind and the future of civilization.” Maye Musk, the Tesla founder’s mother, quipped that her son won’t listen to her advice at the Met Gala “In America: An Anthology of Fashion.” “I warned him not to take on the globe and the cosmos, and he ignored me,” the 74-year-old model told ET. “He doesn’t pay attention to his mother.”
After days of tweeting about what he would do with Twitter if it were his, Elon agreed to acquire it on April 25. In a statement announcing the transaction, he added, “Free expression is the backbone of a functional democracy, and Twitter is the digital town square where questions crucial to the future of mankind are discussed.” “Twitter has enormous potential, and I’m excited to work with the business and the Twitter community to realize it.”
Many lawmakers and cultural critics are concerned that the entrepreneur may roll back parts of the social media site’s community guidelines established to safeguard users from harassment as a result of the acquisition.
“I also want to make Twitter better than ever,” he said in his statement, “by adding new features, making the algorithms open-source to promote trust, fighting spambots, and authenticating all people.”
Senator Elizabeth Warren of Massachusetts, who has been vocal about limiting the influence of billionaires, condemned the pact as “destructive” to American democracy. Last month, she wrote, “Billionaires like Elon Musk play by a different set of rules than everyone else, building power for their own advantage.” “To hold Big Tech responsible, we need a wealth tax and strict laws.”