Social media has low barriers to entry. Several new entrants have grown super-fast and have overtaken incumbents. Facebook was very clever to identify and buy up some of these fast-growing new entrants.

This holds lessons for the people who want free speech in social media. There are at least 10 social media apps/sites that say they practice what Elon Musk says should be the norm: Anything legal is allowable speech on social media.

And yet i do not see anyone pouring in the same levels of capital that Snapchat and some other newer entrants got. Why not? What is preventing first tier investors from backing these platforms? Why have several of them failed outright? What could turn that around?