Key takeaways:
- Elon Musk has threatened to sue the Anti-Defamation League (ADL) over claims of an increase in antisemitism and hate on the platform.
- Analysts have noted that Musk clearly overpaid for the company, paying a premium over the current stock price and even that price was probably inflated.
- The increase in hate on social media is a problem across all platforms, and the ADL’s statement on the matter is a reminder of the need for social media companies to take responsibility for the content on their platforms.
Elon Musk, the owner of X, formerly known as Twitter, has threatened to sue the Anti-Defamation League (ADL) over claims of an increase in antisemitism and hate on the platform. The ADL had previously said in May that X’s decision to reinstate previously banned accounts had helped foster “social spaces where Twitter users connected through shared antisemitism and other hate.”
Jonathan Greenblatt, the CEO and national director of the ADL, spoke about Musk’s warning on Tuesday, saying he wouldn’t comment on “frivolous” lawsuits but that there was an unequivocal surge in hate on social media. He added that the spread of antisemitism and hate on X was “deeply troubling.”
The impact of Musk’s reign on X has been dramatic, leading to a catastrophic decline in ad revenues which Musk and independent press reports have pegged at between 50% and 60%. Because X is no longer a publicly traded company with a public stock price, there’s no straightforward way to assess its current value. Most market analysts estimate the company is now worth no more than a third of the $44 billion Musk paid for it a year ago.
Analysts have noted that Musk clearly overpaid for the company, paying a premium over the current stock price and even that price was probably inflated. This is a stark contrast to the current state of the company, which has seen a sharp decline in value due to Musk’s erratic and destructive reign.
Overall, the increase in hate on social media is a problem across all platforms, and the ADL’s statement on the matter is a reminder of the need for social media companies to take responsibility for the content on their platforms.
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