Joe Lonsdale Endorses Elon Musk's Transformative Twitter Move

Joe Lonsdale's Support for Elon Musk

Joe Lonsdale, co-founder of Palantir Technologies, Inc. (NYSE: PLTR), recently shared his enthusiastic backing for Elon Musk's acquisition of Twitter, now known as X. His remarks reflect a strong belief in the role of free speech in preserving society.

The Importance of Musk’s Acquisition

During his appearance on CNBC’s Squawk Box, Lonsdale highlighted Musk’s substantial $44 billion investment in Twitter as a pivotal moment for free expression. According to Lonsdale, if Musk had not taken action, the West would face significantly greater threats to its safety and integrity.

Lonsdale's Perspective on Free Speech

Lonsdale expressed that protecting free speech is essential for the foundation and survival of our civilization. He believes that Musk's efforts were not merely a business move but a crucial step in supporting democratic values.

Challenging Financial Landscape

When questioned about the impact of the acquisition on financial stability, Lonsdale acknowledged that some brands had reduced their advertising spend on X. He attributed this shift to coordinated attacks and called this behavior questionable, suggesting potential legal implications behind such actions.

Musk's Response and Industry Fallout

In response to Lonsdale's comments, Musk shared a clip of the discussion on X, expressing gratitude to Lonsdale for his support. This exchange underscores the camaraderie between influential figures in the tech and business sectors during challenging times.

The Advertising Exodus from X

The financial concerns surrounding Musk's acquisition have drawn significant attention. Reports indicate that X may face a stark reduction in advertising expenditure, projected to decrease drastically in the near future. This follows a disturbing trend where ad spending on the platform saw a 26% decline.

Revenue Challenges Post-Acquisition

Since Musk took over Twitter, the platform has reported an alarming 84% drop in revenue. This downturn has raised concerns among investors regarding Musk's potential need to liquidate a portion of his Tesla stock to cover losses. Such fears highlight the interconnected nature of Musk’s ventures.

Criticism from Industry Peers

The chatter around Musk’s decisions has not been entirely favorable. Notably, Meta Platforms Inc’s Nick Clegg criticized X for its dwindling reach, suggesting it has become a site for extreme views while those banned from other platforms remain active without restrictions. This commentary reflects broader concerns regarding content moderation and the rise of extremist discussions online.

Palantir Achieves New Heights

While the discussions surrounding X unfold, Palantir has recently achieved a significant milestone by reaching its new 52-week high in share values. This comes in the wake of securing a notable $99.8 million contract from the U.S. Army, showcasing strong demand for its services.

Looking Forward

The fusion of technology, free speech, and business strategy is increasingly relevant in today’s world. As conversations evolve, the outlook for both Palantir Technologies, Inc. (PLTR) and Elon Musk's ventures continues to be a topic of significant interest among investors and commentators alike.

Frequently Asked Questions

What did Joe Lonsdale say about Elon Musk's acquisition of Twitter?

Joe Lonsdale supported Musk's acquisition, stating it was crucial for preserving free speech and reducing threats to Western civilization.

How has Musk's acquisition impacted advertising on Twitter?

Since Musk's takeover, brands have significantly reduced their advertising expenditures on Twitter, leading to financial difficulties for the platform.

What recent milestone did Palantir achieve?

Palantir reached a new 52-week high in stock value after securing a $99.8 million contract with the U.S. Army.

What concerns did industry critics raise about X?

Critics have noted that X is becoming a platform for extreme views, allowing individuals banned from other social media sites to thrive.

How has the revenue changed for X since Musk’s acquisition?

X's revenue has reportedly plummeted by 84% since Musk's acquisition, raising concerns among investors.

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