Elon Musk admits he 'may have done more to financially impair' X than to help it

Elon Musk said his social media posts may have harmed X's financial standing.
Musk made the comments during a deposition for a lawsuit involving one of his posts on X.
Since Musk's takeover, X has faced backlash over his posts and moderation policies, leading to an advertiser exodus.

Elon Musk admitted his posts on social media might have had a negative impact on X's bottom line.

In a deposition for a lawsuit against the billionaire, Musk addressed concerns about his posting habits on X.

"I may have done more to financially impair the company than to help it, but I certainly I — I do not guide my posts by what is financially beneficial but what I believe is interesting or important or entertaining to the public," Musk said in a deposition that was released on Monday.

Musk's comments were in response to a question from an attorney regarding his use of X and a quote from Walter Isaacson's biography of the Tesla CEO in which the author quoted Musk as saying: "I've shot myself in the foot so often, I ought to buy some Kevlar boots."

In response Musk said he's "guilty of many self-inflicted wounds."

Since Musk bought Twitter in 2022, the company has reportedly lost many of its biggest advertisers and Musk has faced criticism for some of his posts on the site, including one where he boosted a post promoting the "great replacement" conspiracy theory that is commonly spread by white supremacists. The platform also reportedly saw a surge in hate speech and antisemitism after Musk's takeover, and has reinstated multiple accounts previously banned for violating the company's policies.

There are also signs that investors may view X as having decreased in value since Musk's purchase. Fidelity once again lowered the value of its stake in Musk's social-media company in February — suggesting its valuation of X has dropped 73% since Musk bought the platform for $44 billion.

It's not the first time Musk has reflected on his posting habits. Last year, Musk said he should probably stop posting on social media into the early morning hours.

"Have I shot myself in the foot multiple times? Yes," Musk said during an interview with BBC. "I think I should not tweet after 3:00 a.m. If you're gonna tweet something that maybe is controversial, save it as a draft then look at it the next day, and see if you still want to tweet it," he added.

Musk sat for the deposition on March 27. The billionaire was deposed over a lawsuit that alleges he boosted a conspiracy theory that falsely affiliated 22-year-old Ben Brody with a neo-Nazi group.

Brody filed the lawsuit last fall after Musk promoted posts on X that falsely identified Brody as a man who had engaged in a brawl at a Pride event that had occurred between the two far-right groups: the Rose City Nationalists and the Proud Boys. The groups had intended to interrupt the LGBTQ+ event.

Brody is suing for $1 million in damages, accusing Musk of damaging his reputation. The 22-year-old said he was doxxed, harassed, and even forced to flee his home at one point due to the fallout from the posts on social media.

Musk did not immediately respond to a request for comment.

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Contributer : Business Insider https://ift.tt/mNM9ztG

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