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Palantir Technologies, Inc. (NYSE:PLTR) co-founder Joe Lonsdale has expressed his support for Tesla and SpaceX CEO Elon Musk’s acquisition of Twitter, which will now be known as X.
What happened: During an appearance on CNBC’s Squawk Box on Thursday, Lonsdale was asked about Musk’s feelings about his $44 billion purchase of Twitter.
Lonsdale responded positively, stating that Musk’s acquisition was a crucial step for preserving the West.
“If Elon hadn’t bought Twitter, if he hadn’t done this, the entire West would be ten times more in danger,” he said, going on to stress the importance of freedom of expression for the preservation of our civilization.
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When asked about the financial impact of the takeover, Lonsdale acknowledged that sales fell as brands withdrew their support.
However, he claimed that this was the result of illegal coordination and attacks, which he considered “probably illegal.”
He argued that while brands have the right to withdraw their support, behind-the-scenes coordination to harm a company is inappropriate.
Musk also shared the clip of this discussion on X, saying, “Thanks Joe.”
Why it’s important: Musk’s takeover of Twitter has been controversial. Earlier this month, it was reported that X is expected to see a drastic reduction in ad spending by 2025, following a 26% drop in marketers’ ad spending on the platform.
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Last month, it was reported that since Musk took over, X’s revenue has fallen by 84%. This figure is also said to have fueled fears among Tesla investors that Musk would sell more of his Tesla shares to plug the financial hole.
Nick Clegg, president of international affairs at Meta Platforms Inc., previously criticized X for becoming a “small” platform for elites where anyone can have their say.
He also noted that individuals banned from Meta’s platforms such as Facebook and Instagram are still active on X and Telegram and were involved in the far-right protests and riots in Britain last month.
Meanwhile, shares of Palantir hit a new 52-week high on Thursday morning. The development came after the company received a new contract from the U.S. military worth $99.8 million.
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This article Palantir’s Joe Lonsdale Backs Elon Musk’s Twitter Takeover, Says If He Hadn’t Bought It ‘The Entire West Would Be 10x More Dangerous’ originally appeared on Benzinga.com
