Elon Musk may create social media platform

Source: Bloomberg

South Africa-born entrepreneur and Tesla chief executive Elon Musk said in tweets that he is giving serious thought to creating a social media platform because Twitter is “failing to adhere to free speech principle”.

“Given that Twitter serves as the de facto public town square, failing to adhere to free speech principles fundamentally undermines democracy,” Musk tweeted Saturday.

He said in an earlier tweet on Friday that “free speech is essential to a functioning democracy,” and he questioned if Twitter “rigorously adheres to this principle.”

Last week, the US Securities and Exchange Commission told a judge that Musk’s tweets about Tesla would remain a valid subject for government investigation even if a court throws out his 2018 agreement with the SEC.

Musk is seeking to end oversight by the SEC of his Twitter posts, claiming the agreement is being used to “trample” his rights to free speech.

The Tesla chief executive is also asking the court to block a subpoena by the securities regulator for documents relating to the review of his tweets.

Under the SEC settlement agreement, the regulator will distribute funds from the company and Musk to investors who lost money buying Tesla shares after Musk claimed on Twitter he was thinking about taking the company public.

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