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

Elon Musk
Elon Musk said he might have done more to "financially impair" X than to help the social-media site.Anadolu via Getty Images
  • 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 his takeover, X has faced backlash over his posts and moderation policies, leading to an ad exodus.

Elon Musk said 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 Monday.

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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. 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, which 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 had 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 the BBC. "I think I should not tweet after 3 a.m. If you're going to 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 the 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 broken out between 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 because of the fallout from the posts on social media.

Musk did not immediately respond to a request for comment.

Read the original article on Business Insider