Elon Musk may acquire Substack to 'challenge corporate journalism'
Elon Musk is ready to expand his tech empire. After successfully acquiring Twitter, the billionaire's next target could be the publishing platform Substack. The Twitter CEO announced that he is open to acquiring Substack. The latest of Musk's musings came as a reply to a user who suggested that he should acquire Substack. Twitter recently decided to shut down its own newsletter platform Revue.
Why does this story matter?
- The rift between Musk and the media has been widening ever since he took over Twitter. Traditional media has been critical of Musk's handling of Twitter, while Musk took out his anger by suspending the accounts of journalists.
- The acquisition of Substack will give Musk a like-for-like medium to take on media and be in control of the narrative layer of the internet.
Musk had expressed interest in acquiring Substack before
It was Twitter user 'Wall Street Silver ' (@WallStreetSilv) who suggested that Musk should acquire Substack. According to them, the combination of Twitter and Substack will challenge the "obsolete legacy corporate media." To which Musk replied, "I'm open to the idea." Musk had previously expressed his interest in buying Substack under a thread by conservative commentator Dave Rubin.
Will a Twitter-Substack combo challenge legacy media?
I’m open to the idea— Elon Musk (@elonmusk) December 28, 2022
Musk questioned legacy media's stance on Twitter Files
The suggestion to acquire Substack came under a tweet by Musk where he asked, "Why is corporate journalism rushing to defend the state instead of the people?" The Twitter owner was referring to a Substack newsletter by Leighton Woodhouse titled "In Response to the Twitter Files, Establishment Media Rushes to Defend the FBI." The newsletter questioned legacy media's reaction to Twitter Files.
Twitterati welcomed Musk's potential acquisition of Substack
It is unclear whether Musk will ever make a move for Substack. However, the idea that he might, has opened a discussion about the same on Twitter. To the idea of Musk acquiring Substack, most Twitter users responded enthusiastically. Some had a more cautious approach saying a partnership between Twitter and Substack will be better than an outright acquisition.
Some are really happy with Musk's idea
Elon Musk is Going To Put The Mainstream Media OUT OF BUSINESS! :)— Matt Wallace (@MattWallace888) December 28, 2022
Why shut down Revue if Musk is interested in newsletters?
Twitter acquiring Substack might be a good idea, considering how the newsletter platform has a dedicated user base. However, this poses a question: Why did Twitter decide to shut down Revue if it is interested in Substack? Revue was never as big as Substack, but for all we know, it could have been. Substack's acquisition will also against Musk's idea of keeping Twitter simple.