The revelation came from Elan Musk, the CEO of SpaceX, Tesla and The Boring Company, when he gave a statement on Twitter about his new thought on establishing a new social media platform. He criticized Twitter for not been giving speech freedom. He disparaged the social media company by saying:
“Given that Twitter serves as the de facto public town square, failing to adhere to free speech principles fundamentally undermines democracy.”
After this statement, he also asked the followers to suggest what should be done and if a new platform is required which provokes democracy and gives freedom of speech.
Musk is used to floating such statements that create changes at stock exchange. Back in November when Musk had taken a suggestion in a tweet about the idea of selling his 10% stake in Tesla, it had created a triggered stock selloff and hence Tesla had received a summon orders from Securities and Exchange Commission. SEC commented that Musk must get pre-approval from other executives of Tesla before posting such company related tweets. Musk sent a harassment accusation on SEC through a letter to U.S. District Judge Alison Nathan in Manhattan. In response of Musk challenge of the subpoena, SEC regulator insisted federal judge to scrutinize Musk’s Tweets as his tweets are substandard and meritless.
It has been seen that many public figures and technology companies’ tycoons who have violent views make their own social media networks to enjoy the openness and speak whatever they want and like. President Donald Trump launched his Truth Social as part of Trump Media and Technology Group after got banned from Twitter. Parler, Getty and Rumble are other examples of establishments that deviated from the established social media networks. Apple app store banned Parler for spreading violence. The separate social media networks end up the diffusion of violence, hate speech and fake news. Seems Elon Musk disclosure of seriously giving a thought on making a separate social media platform will end up giving bad to his companies and disturbing the normal movement of Stock exchange.