Elon Musk launching his own social media app? Here's what he says

New Delhi: Elon Musk, CEO of Tesla Inc., announced on Twitter on Saturday that he is seriously considering creating a social media platform because Twitter has failed to "adhere to the free speech principle." Elon Musk stated that failing to adhere to free speech principles fundamentally undermines democracy because Twitter serves as the de facto public town square.

Musk brought up the question in his tweets, "Is a new platform required?" Failure to adhere to free speech principles fundamentally undermines democracy, given that Twitter serves as the de facto public town square. "What steps should be taken?"

This comes after Elon Musk stated earlier this week that "free speech is essential to a functioning democracy," and questioned whether Twitter "rigorously adheres to this principle."

According to Bloomberg, the US Securities and Exchange Commission told a judge last week that Musk's tweets about Tesla will remain a valid subject for government investigation even if a court overturns his 2018 agreement with the SEC.

Musk is attempting to end SEC oversight of his Twitter posts, claiming that the agreement is being used to "trample" on his free speech rights. He is also asking the court to prevent the Securities and Exchange Commission from subpoenaing documents related to the review of his tweets.

The SEC settlement agreement states that the regulator will distribute funds from the company and Musk to investors who lost money buying Tesla shares after Musk stated on Twitter that he was considering going public.