Elon Musk said he is seriously considering creating a new social media platform, without giving further details about what that platform would look like or work like.
The CEO of Tesla and SpaceX made this statement, responding to a Twitter user who asked him if he had any plans to create a new social network based on freedom of speech.
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The user seems to be unhappy with the existing platforms, and Musk himself has claimed that Twitter does not allow for free speech. On Friday, he tweeted: "Since Twitter functions as a “de facto public town square”, failure to uphold the principles of free speech fundamentally undermines democracy. What should be done?" He then wondered if a new social media platform needed to be created.
In another tweet, Elon Musk said that "freedom of speech is essential to a functioning democracy."
Control by regulatory authorities
Elon Musk is probably not too happy about the fact that his tweets are being scrutinized by regulators.
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The Tesla CEO was subpoenaed by the U.S. Securities and Exchange Commission in November after asking his Twitter followers whether he should sell 10% of his Tesla shares.
In February, Musk accused the Securities and Exchange Commission of “harassment.”.
The regulator told a judge that Elon Musk's tweets about Tesla will continue to be the subject of a government investigation.
Elon Musk social media: Is he following Trump's example?
Elon Musk is not the first to think about creating a new social media platform.
Former US President Donald Trumprecently launched Truth Social, a platform he can use to connect with his supporters. Trump has been blocked from Twitter and other major platforms since January 2021 (after his supporters attacked the Capitol).
"There seems to be a trend for wealthy individuals to want to create their own platforms," Matt Navarra, a social media consultant, told CNBC. "One can only assume that their logic is to create their own social network, to create their own content control rules, which often violate the rules on Twitter and Facebook."
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Is it easy to create a successful social media platform?
Navarra said it's not easy to build a popular social media platform. "There's a reason why almost every alt-social network that's launched in recent years hasn't taken off," he said.
In order to create a sustainable and popular social media platform, Navarra said Elon Musk will need a huge amount of capital and a team of experienced product managers and engineers. He also needs to have people on the platform that people want to engage with.
Source: CNBC
