NEWS: Elon says that Twitter is losing $billions in advertising revenue per year as a result of its stand for free speech, on the Space with RFK Jr.
Twitter’s revenue from North America and Europe is down by ~50%, he says (the decline has not been so much outside the West).
On the Twitter Files, Elon confirms that his lawyers advised him that it was a crazy idea to go ahead with it, that he would be sued into oblivion etc. but he went ahead with it anyway. Elon quoted his now famous “I don’t care” segment from the CNBC interview a few weeks ago.
For context, Elon explained recently in the Babylon Bee interview that he is not aiming for Twitter to be a hugely profitable company, and that it will prioritize free speech and the user experience over maximizing profits.
In the Space just now, Elon explained getting Twitter to profitability has been a “struggle” due to advertisers pulling their spending. He says that Twitter is almost at break even financially, though not quite there yet.
Elon on the importance of Twitter as a free speech platform: “If we don’t protect free speech at all costs, we don’t have a functioning democracy, and if we don’t have a functioning democracy, nothing else matters.”
More on the advertising problems: Elon says Twitter has seen “extreme pressure” from advertisers.
He says the public does not realize the “extreme financial pressure” companies are placed by advertisers to toe the line on free speech.
Elon says that this advertiser pressure against free speech is a “fundamental corruption of democracy” and the public should be “outraged” at this. Something has to be done about it, he says.
Anti-free speech advertisers are trying to drive Twitter bankrupt, Elon added.
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