Elon Musk Defends Twitter Acquisition Amid Backlash Over $44bn Deal

Elon Musk has faced widespread backlash following his $44 billion acquisition of Twitter. Many analysts believe he overpaid for the deal. The billionaire also came under fire for rolling out Twitter Blue at a subscription fee of $8 a month. 

During the Paris VivaTech event this week, Musk poked fun at himself amid the controversy and said, “If I’m so smart, why did I pay so much for Twitter then?” 

When asked about the rationale behind the purchase, Musk expressed concerns about Twitter’s impact “on civilization,” stating that he believed the platform was having a detrimental effect. 

“I was concerned Twitter was having a negative effect on civilization and corrosive effect on civil society, and anything that undermines civilization, I think, isn’t good,” he told the audience.

“I felt Twitter kept moving in a negative direction, and my hope and aspiration was for it to be a positive force for civilization,” he explained. 

“I think if someone is a regular Twitter user, then most people would say their experience has improved,” Musk said. “We’ve gotten rid of 90% of bots, scams and various bad things happening. We’ve gotten rid of 95% of child exploitation material on Twitter, which was a shock to see some of what was going on for 10 years.”

While joking about himself, Musk said, “I’m definitely not evil.”

“I am definitely not evil ” – @elonmusk pic.twitter.com/N4GTzaJTTG

— Sir Doge of the Coin (@dogeofficialceo) June 16, 2023

Before attending the conference, the world’s two wealthiest individuals, Louis Vuitton’s Bernard Arnault and Musk, lunched together on Friday in Paris. They caught up for lunch at the Cheval Blanc, one of Europe’s most expensive hotels that offers a breathtaking view of the Eiffel Tower.

Produced in association with Benzinga

Edited by Maham Javaid and Virginia Van Zandt