Elon Musk mulls setting up new social media platform

Elon Musk, the Tesla and SpaceX chief executive officer, is reportedly considering putting up a new social media site. The billionaire's idea was revealed via tweet last weekend.

According to Reuters, the businessman was answering questions on Twitter, and one user asked him if he would consider building a new social media that would prioritize free speech and less propaganda.

Musk said that many of the platforms these days are sabotaging democracy by their failure to stick to the fundamentals of free speech. He is a regular user of Twitter, but he has been critical of social media platforms lately due to the policies they impose on the users.

"Given that Twitter serves as the de facto public town square, failing to adhere to free speech principles fundamentally undermines democracy," the 50-year-old tweeted. "What should be done? Free speech is essential to a functioning democracy."

He also asked his followers to participate in the poll where he asked if they believe Twitter rigorously adheres to the free speech principle. He told people to vote carefully because the consequences of the poll would be crucial. The final results showed more than two million voters, and 70.4% of them answered "No."

Now, since the result showed that people do not think that there is free speech in social media, Musk may now be seriously thinking of launching his social media platform where the users' ideas and opinions will not be restrained.

If the Tesla chief pushes through with the idea of building a new platform, he will be the latest well-known personality who is advocating for free speech in social media. Apparently, he will be joining Donald Trump and Parler in this business.

Meanwhile, Elon Musk also experienced some restrictions related to his postings online. CNN Business mentioned that he has an agreement with the Securities and Exchange Commission in 2018, and it required Musk to get approval from other Tesla officials first before posting any tweet related to the company.

The SEC ordered him to follow this due to an incident last November when he asked his followers if he should put his 10% Tesla stake up for sale. The SEC subpoenaed the EV company because Musk's poll question on Twitter led to a stock selloff. At that time, the billionaire called the commission's action' harassment.'