Musk, known for his candid and often controversial social media presence, acknowledged that his posts may have done more harm than good to the company's bottom line.
"I may have done more to financially impair the company than to help it," Musk stated in the deposition released on Monday. He added, "I do not guide my posts by what is financially beneficial but what I believe is interesting or important or entertaining to the public."
The comments were made in response to an attorney's question about Musk's social media usage and a quote from Walter Isaacson's biography of the Tesla CEO. Isaacson quoted Musk as saying, "I've shot myself in the foot so often, I ought to buy some Kevlar boots." Musk responded by admitting he's "guilty of many self-inflicted wounds."
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Since Musk's acquisition of Twitter in 2022, the platform has reportedly lost many of its major advertisers. Musk has also faced backlash for some of his posts, including one that amplified a post promoting the "great replacement" conspiracy theory, often propagated by white supremacists. Reports suggest that the platform has seen a rise in hate speech and antisemitism since Musk's takeover and has reinstated several accounts previously banned for policy violations.
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Investors also appear to be losing faith in the company's value since Musk's purchase. Fidelity, for instance, once again downgraded the value of its stake in Musk's social media company in February, indicating a 73% drop in its valuation of the platform since Musk's $44 billion acquisition.
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Musk has previously reflected on his social media habits. In an interview with the BBC last year, he admitted, "Have I shot myself in the foot multiple times? Yes." He suggested that he should refrain from tweeting controversial content in the early morning hours.
The deposition was part of a lawsuit alleging that Musk amplified a conspiracy theory falsely associating 22-year-old Ben Brody with a neo-Nazi group. Brody filed the lawsuit last fall after Musk promoted posts on social media that incorrectly identified him as a participant in a brawl at a Pride event involving two far-right groups: the Rose City Nationalists and the Proud Boys.
Brody is seeking $1 million in damages, alleging that Musk's actions damaged his reputation. He claimed that he was doxxed, harassed, and even forced to leave his home due to the fallout from the social media posts.
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