Elon Musk Explains Why He Doesn't Regret High-Priced Twitter Purchase

Ever since the tech billionaire Elon Musk purchased Twitter in October for $44 billion, he's been talking about two things: free speech and X, the so-called everything platform that is in Twitter's future. 

Musk has made a bunch of changes to Twitter since he took the helm, notably reinstating some previously banned accounts and rolling out a host of updates, from longer videos to DM encryption. 

And though he has said that he didn't buy Twitter as an easy way to make money, he maintains that he doesn't regret buying the site -- which as TheStreet's Luc Olinga reports is now valued at a third of what he paid for it.

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"I think it was necessary," Musk said in a recent interview with the Babylon Bee, a conservative Christian satire site whose Twitter account Musk reinstated when he took over. "I think it was still the right move to acquire Twitter, even at the outrageously high price. I think it's going to turn out to be important."

Musk explained that beyond the fiscal strain, the platform's prominence and importance create another kind of toll in running Twitter. 

"There's a lot of pressure on whoever's running Twitter to do this or that with the platform. At any given point, someone powerful is unhappy, basically," he said. "But I think it was still important to do. Pretty much all the social media companies were acting in unison along with legacy media."

"Where do you find the truth if everyone is in lockstep with a lie?"

Musk recently named Linda Yaccarino, formerly chairman of global advertising and partnerships at NBCUniversal, as CEO of Twitter.