Joe Lonsdale praises Musk"s Twitter buy for free speech

Joe Lonsdale, co-founder of Palantir Technologies, expressed his support for Elon Musk's acquisition of Twitter, now known as X, during a CNBC interview on Thursday. He emphasized that Musk's purchase was vital for the preservation of free speech and the West, suggesting that without it, the West would face significantly greater threats. Lonsdale acknowledged the financial difficulties the platform is experiencing, including a notable decline in advertising revenue due to brands withdrawing their support. He attributed this to what he described as illegal coordination and attacks against the platform, asserting that while brands can choose to withdraw, behind-the-scenes efforts to harm a company are inappropriate. The discussion comes amid reports of a drastic reduction in advertising expenditure on X, with a 26% decline in marketers' spending anticipated for 2025. Since Musk's acquisition, the platform's revenue has reportedly plummeted by 84%, raising concerns among Tesla investors about Musk potentially selling more of his stock to address financial gaps. This situation has sparked controversy, with critics like Meta's Nick Clegg labeling X as a platform that allows banned individuals from other social media to operate freely, contributing to far-right protests. Despite these challenges, Palantir shares reached a new 52-week high following a significant contract awarded to the company by the U.S. Army. This development highlights the contrasting fortunes of different tech companies in the current market landscape. Lonsdale's remarks underscore the ongoing debate about the role of social media in free speech and the implications of corporate decisions on public discourse. Overall, Lonsdale's support for Musk's acquisition reflects a broader concern about the state of free speech in the digital age, as well as the financial viability of social media platforms amidst changing advertiser sentiments.