Mark Cuban Eyes Buying X from Musk Amid 84% Revenue Decline and Criticism

In a latest interview with Wired, billionaire entrepreneur Mark Cuban expressed his curiosity in buying the social media platform X, previously generally known as Twitter, from Elon Musk.

Cuban, identified for his function on Shark Tank and his investments in tech and cryptocurrency, stated he would purchase X “in an ideal world.” Nonetheless, there’s one important challenge standing in his approach: Musk has no intention of promoting the platform.

Cuban’s remarks got here throughout an interview with journalist Lauren Goode, the place he was requested if he would contemplate buying the Musk-run platform.

His response? “I want I might. There’s no cause for him to promote it.” Musk famously purchased Twitter for $44 billion in 2022 and has since made sweeping modifications, together with renaming it X and firing a big portion of the platform’s content material moderation staff. 

Beneath Musk’s management, X has confronted criticism for changing into a haven for misinformation and far-right content material, making Cuban’s feedback notably well timed as customers react to the platform’s evolving identification.

Idiot me as soon as, disgrace on you. For me twice, disgrace on me. Democrat elitist billionaires are getting anxious they will not have a pot to piss in if Kamala will get elected. Mark Cuban rumor, going to purchase X, and Fox Information? The Democrat elitist, do not know what to do.

— Mark Mervau (@MervauMark) September 18, 2024

Cuban’s Imaginative and prescient for X and His Political Involvement

Mark Cuban’s interest in buying X aligns together with his broader imaginative and prescient for the platform, notably concerning content material regulation and consumer expertise. Cuban, a vocal supporter of Democratic U.S. presidential nominee Kamala Harris, typically makes use of X to advertise progressive insurance policies and name out conservative figures.

In a latest put up, Cuban invited Musk to debate Kamala Harris’s insurance policies and even provided to have an open dialogue in regards to the Republican candidates.

Cuban’s political involvement goes past social media posts.

In 2023, he endorsed Harris as a pro-business candidate, emphasizing her potential openness to cryptocurrency and rising applied sciences like artificial intelligence (AI).

Cuban believes that Harris might place herself as a candidate who’s extra supportive of digital belongings than present regulatory frameworks permit.

• In a July interview, Cuban hinted that Harris would possibly take a extra favorable stance on crypto, saying, “She shall be way more open to enterprise, AI, crypto, and authorities as a service.”
• Cuban’s criticism of Donald Trump, the Republican presidential nominee, has additionally been a recurring theme. He referred to as Trump out for allegedly “ripping off hard-working Individuals.”

These political undertones might affect Cuban’s potential curiosity in buying X, as he continues to interact together with his following and sway opinions on the platform.

Challenges Going through X and Musk’s Management

Regardless of Cuban’s curiosity, X underneath Elon Musk has confronted important monetary struggles. In response to Bradford Ferguson, president of Halter Ferguson Monetary, X’s income has reportedly dropped by 84% since Musk’s takeover. The corporate has additionally seen a pointy decline in promoting income, as Musk’s unfiltered method to content material moderation has pushed some advertisers away.

It is a rattling good factor that X was purchased out by @elonmusk. Now we can’t be silenced on one of many largest social media platforms through the election and the Day that Trump fires Kamilaw and Mind lifeless Joe.

— Allen Monterey (@Monterey9219) September 18, 2024

Nonetheless, X stays a preferred platform inside the crypto neighborhood, with many customers, together with Musk himself, supporting Donald Trump within the upcoming election. Cuban’s continued involvement on this area additional demonstrates his connection to the platform, nevertheless it additionally units him up for potential backlash from the crypto neighborhood, a few of whom have sided with Trump.

In the meantime, a latest defamation lawsuit involving crypto reporters underscores the dangers Cuban and others face when expressing political or monetary views on X. Cuban’s assist for Harris and his criticism of Trump have stirred controversy, with some crypto figures, like Messari co-founder Ryan Selkis, difficult Cuban’s stance.

Regardless of these challenges, Cuban stays vocal in regards to the platform’s future and his need to play an even bigger function in shaping its course. His political advocacy, mixed together with his curiosity in know-how, positions him as a key participant within the ongoing dialog about X’s future—whether or not or not he finally ends up buying the platform from Musk.

Conclusion: Cuban’s Future with X?

Whereas Mark Cuban could also be desirous to take management of X, the probability of Elon Musk selling the platform stays slim. Cuban’s candid remarks have sparked conversations amongst customers in regards to the platform’s future and his imaginative and prescient for its potential.

Whether or not or not Cuban’s dream of proudly owning X materializes, his affect over the dialogue—each politically and technologically—continues to develop.