Elon Musk Breaks Silence On Why He Wants To Buy Twitter

Billionaire Elon Musk has something to say to Twitter advertisers.

The Tesla CEO has until October 28 at 5 PM to close the $44 billion dollar deal, or else a new court date will be scheduled in Delaware Chancery Court for November. Considering that’s just over 24 hours away, the 51-year-old entrepreneur penned an open letter to Twitter advertisers and posted it on social media on Thursday morning.

“I wanted to reach out personally to share my motivation in acquiring Twitter,” Musk began. “there has been much speculation about why I bought Twitter and what I think about advertising. Most of it has been wrong.”

“The reason I acquired Twitter is because it is important to the future of civilization to have a common digital town square, where a wide range of beliefs can be debated in a healthy manner, without restoring to violence,” he continued. “There is currently great danger that social media will splinter into far right wing and far left wing echo chambers that generate more hate and divide in our society.”

“In the relentless pursuit of clicks, much of traditional media has fueled and catered to those polarized extremes, as they believe that is what brings in the money, but, in doing so, the opportunity for dialogue is lost,” the SpaceX CEO added.

“That is why I bought Twitter,” he continued. “I didn’t do it because it would be easy. I didn’t do it to make more money. I did it to try to help humanity, who I love. And I do so with humility, recognizing that failure in pursuing this goal, despite our best efforts, is a very real possibility.”

“That said, Twitter obviously cannot become a free-for-all h---scape, where anything can be said with no consequences!” he went on. “In addition to adhering to the laws of the land, our platform must be warm and welcoming to all, where you can choose your desired experience according to your preferences, just as you can choose, for example, to see movies or play video games ranging from all ages to mature.”

“I also very much believe that advertising, when done right, can delight, entertain, and inform you; it can show you a service or product or medical treatment that you never knew existed, but is right for you,” he wrote. “For this to be true, it is essential to show Twitter users advertising that is relevant as possible to their needs. Low relevancy ads are spam, but highly relevant ads are actually content!”

“Fundamentally, Twitter aspires to be the most respected advertising platform in the world that strengthens your brand and grows your enterprise,” Musk concluded. “To everyone who has partnered with us, I thank you. Let us build something extraordinary together.”

Earlier this month, in a Tesla earnings call, Musk claimed that he was overpaying for Twitter despite honoring the $54.20 agreement they established back in April, as reported by Deadline.

At the time, Musk said, “Although obviously, myself and the other investors are obviously overpaying for Twitter right now, the long-term potential for Twitter in my view is an order of magnitude greater than its current value."

"I am excited about the Twitter situation," he added, calling the social media platform an asset "that has sort of languished for a long time."

During the earnings call, he was also asked about the possibility of folding all of his businesses, including SpaceX, Tesla, and Twitter, under one umbrella. Musk admitted, “It’s not clear to me what the overlap is. It’s not zero, but we’re reaching.”

“I am not Warren Buffett. I am not an investor. I am an engineer and manufacturing person and technologist," he continued. "I actually work and design and develop products. We are not going to have a portfolio of investments or whatever. I don’t see an obvious window where they could get combined. At least now.”

Elon Musk has until Friday, October 28, at 5 PM to close the deal, or else a new court date will be scheduled for November.