Elon’s political takeover of Twitter

Hi folks, it’s Brad. Behind Elon Musk’s increasingly likely takeover of Twitter is the status of former President Donald Trump’s suspended a [View in browser]( [Bloomberg]( Hi folks, it’s Brad. Behind Elon Musk’s increasingly likely takeover of Twitter is the status of former President Donald Trump’s suspended account. But first... Today’s must-reads: • Tech companies could [face billions in fines]( under new EU rules • A U.S. crypto-mining company [sold gear stuck in Russia]( • Musk [swayed Wall Street]( Return of the Tweeter in chief? On Sunday, Elon Musk [met with executives]( from Twitter Inc., to discuss his [offer]( to take the company private. The board is currently reviewing the bid to “determine the course of action that it believes is in the best interest of the company and all Twitter stockholders.” But there are other interests that should factor into this already combustible mix — like the welfare of democracy in the U.S. and abroad. Musk has made it clear that his primary goal in buying Twitter is to support unfettered expression and reduce user bans or takedowns of individual tweets. “It’s very important for there to be an inclusive arena for free speech,” he [said during an interview this month at the TED conference.]( “Twitter has become kind of the de-facto town square, so it’s just really important that people have both the reality and the perception that they are able to speak freely within the bounds of the law.” Though his own record of tolerating speech that is critical of his interests is [decidedly mixed](, Musk added: “A good sign as to whether there is free speech is: Is someone you don’t like allowed to say something you don’t like? If that is the case, then we have free speech.” Looming behind this seemingly laudable objective is the fate of the notorious Twitter account of a certain former American president and likely future presidential candidate. Twitter, as you recall, [permanently banned]( Donald Trump from the service on Jan. 8, 2021, “due to the risk of further incitement of violence” after the Capitol riots. Musk has said he prefers to stay out of politics, but there are good reasons to suspect a Musk-owned Twitter would reactivate President Trump’s account. Beyond saying at TED that he wants to be “very cautious with permanent bans,” Musk [applauded the former president]( two years ago when Trump supported Tesla’s plans to reopen a California car factory during the Covid-19 lockdown. And in a few recent tweets, Musk appears to embrace the right-wing, Fox News-bingeing perspective on various cultural flashpoints. (“The woke mind virus is making Netflix unwatchable,” Musk [tweeted]( last week.) These are all reasons why, as Politico wrote, conservatives have embraced Musk [as their Twitter savior](. Musk has also been a [major donor]( to the American Civil Liberties Union. The group [has written]( about the overriding advantages of preserving political speech by all candidates to help voters and courts make more informed decisions. The civil rights organization that was once associated with a certain weak-kneed liberalism (back in the days of [Bush 1.0 vs Dukakis]() now argues that all political figures should be allowed [unimpeded social media access](, whatever the risks. That’s why Musk’s bid feels like much more than just an economic takeover of Twitter. It’s also a political takeover, akin to Rupert Murdoch’s 1976 deal for the New York Post and 2007 purchase of the Wall Street Journal. The world’s richest person, who has said he “[doesn’t care about the economics](” of buying of Twitter, is aiming to acquire a different kind of power: control one of the world’s largest megaphones and the ability to impose his libertarian ideology on questions of moderation and misinformation. And just as Murdoch is accused of using his media outlets to defend his business interests (see: the New York Post’s coverage of Google), Musk, too, will have not only ethical reasons but strong financial motives to allow some of these previously banished voices back onto the platform. For example, if Trump gets reelected and Tesla seeks to restore federal tax credits for its electric vehicles, Musk could face an extraordinary temptation to reinstate the president’s account — if he hasn’t done so already. With more than 80 million followers, he already uses Twitter as a powerful marketing engine for his companies. The pressure will be even more significant outside the U.S. In 2020, Twitter said it [would start labeling]( as “state-affiliated media” accounts belonging to some Chinese government officials and state-linked media outlets, in addition to ensuring that tweets from those profiles aren’t amplified. The Chinese government surely hates these restrictions. Suppressing government statements arguably contaminates the free-speech stew, but Tesla also has [important business goals]( in China and [needs the support]( of President Xi Jinping. It all brings to mind Jeff Bezos’s purchase of the Washington Post in 2013, when Amazon.com Inc.’s founder promised not to meddle in editorial decisions of the newsroom. Whatever his reasons for buying the paper (vanity, visibility or an interest in rescuing an important American institution), he appears to have largely followed through. Musk is promising the opposite here — he’s going to get involved. So whatever he does to install his own ideology at Twitter will impact not just the social networks’ users and shareholders—but all of us. —[Brad Stone](mailto:bstone12@bloomberg.net) The big story The U.S. Army responded to criticism over a [proposal to spend]( $22 billion on a customized version of Microsoft’s HoloLens goggles. The initial estimate reflected the “worst possible pricing,” an official said. What else you need to know The video game publisher Ubisoft is drawing buyout interest. The family-run business behind the Assassin’s Creed series has been [consumed by a sexual misconduct crisis](. Twitter teamed up with Stripe to allow some users to [accept payments in a cryptocurrency](. Inflation posed a factor in Verizon’s decision to [cut its sales forecast](, the telecom said. Meanwhile, AT&T tapped the former head of its mobile unit to be [the new operating chief](. Follow Us More from Bloomberg Dig gadgets or video games? [Sign up for Power On]( to get Apple scoops, consumer tech news and more in your inbox on Sundays. [Sign up for Game On]( to go deep inside the video game business, delivered on Fridays. Why not try both? Like getting this newsletter? 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