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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, now rebranded as X.
What Happened: On Thursday, while appearing on CNBC’s Squawk Box, Lonsdale was asked about Musk’s sentiments toward his $44 billion purchase of Twitter.
Lonsdale responded positively, suggesting that Musk’s acquisition was a crucial step for the preservation of the West.
“If Elon hadn’t bought Twitter, if he hadn’t done this, the entire West would be at 10x the threat,” he said and went on to underscore the significance of free speech in maintaining our civilization.
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When probed about the financial implications of the acquisition, Lonsdale acknowledged a decrease in revenue due to brands pulling their support.
However, he contended that this was a result of illegal coordination and attacks, which he deemed “probably illegal.”
he stated that while brands have the right to withdraw their support, behind-the-scenes coordination to damage a company is inappropriate.
Musk also shared the clip from this discussion on X and said, “Thanks Joe.”
Why It Matters: Musk’s acquisition of Twitter has been fraught with controversy. Just earlier this month, it was reported that X is expected to see a drastic reduction in advertising expenditure in 2025, following a 26% decline in marketers’ ad spending on the platform.
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Last month, it was reported that since Musk’s acquisition, X’s revenue has plummeted by 84%. This number also reportedly sparked fears among Tesla investors that Musk might sell more of his Tesla stock to fill the financial gap.
Previously, Meta Platforms Inc’s president for global affairs, Nick Clegg, also criticized X for becoming a “tiny” platform for elites that permits anyone to say anything.
He also noted that individuals banned from Meta’s platforms like Facebook and Instagram remain active on X and Telegram, and were involved in the far-right protests and riots in Britain last month.
Meanwhile, on Thursday morning, Palantir shares made a new 52-week high. This development came after the company got a new contract from the U.S. Army worth $99.8 million.
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This article Palantir’s Joe Lonsdale Backs Elon Musk’s Twitter Acquisition, Saying If He Had Not Bought It ‘The Entire West Would Be At 10x The Threat’ originally appeared on Benzinga.com
