(NewsNation) — Investors are a little jittery following Elon musk’s major moves to buy Twitter.
Tesla’s stock lost $126 billion Tuesday; as investors are concerned Musk may have to sell some of his shares to fund his purchase of Twitter. Tesla’s shares fell 12%, and Twitter’s dropped 4%
Musk’s $44 billion takeover of Twitter is moving forward, but he still needs to be approved by regulators. In the meantime, many social media users are wondering: What’s next?
Twitter’s new owner is clarifying his vision for the social media platform’s future — tweeting Tuesday night, “By ‘free speech,’ I simply mean that which matches the law.” He also doubled down on his disdain for censorship.
But current and former employees of Twitter are raising concerns about the consequences of running a largely unmoderated social platform.
“What’s worrisome to me is that, you know, he talks about free speech, but is it really free speech or is it, I just don’t want to be accountable for the terrible things I say,” said Leslie Miley, a former Twitter manager.
Musk could run afoul of governments overseas that have begun implementing restrictions on disinformation, hate speech and calls for violence on social platforms.
The White House, while refusing to address Musk’s buyout directly, reiterated President Joe Biden’s pledge to hold tech platforms accountable.
“Well, I’m not going to comment on a specific transaction. What I can tell you as a general matter, no matter who owns or runs Twitter, the president has long been concerned about the power of large social media platforms. What they have, the power they have over our everyday lives has long argued that tech platforms must be held accountable for the harms they cause,” said White House press secretary Jen Psaki.
As for himself, Musk has used Twitter for his own personal gain and disadvantage, using his account to announce business plans and promote his companies to his millions of followers. But some activists worry his acquisition could be an issue for those who disagree with him.
In the past, Musk’s tweets have landed him in trouble with federal regulators and even in court for a defamation lawsuit.