What exactly does he believe can’t be said on the platform right now? It certainly doesn’t take long to find discredited race science, arguments that women are intellectually inferior, antisemitism, defenses of white supremacism and transphobic comments that remain on the platform even under current policy. It is easy to assume that the banned speech that Mr. Musk is standing up for is worse even than that. As the comedian Michael Che put it on “Saturday Night Live,” the $44 billion deal shows “how badly white guys want to use the N-word.”

All of this is a moral and ethical case for keeping moderation policies in place, but what’s more baffling about Mr. Musk’s crusade is it’s hard to see how eliminating them would be good for the business. Right now, Twitter’s demographics skew male. If Twitter wants to further scale up its business and increase profitability, which is ostensibly its goal, it needs to expand its reach. Making the platform a hostile environment for women and minorities isn’t conducive to expansion, unless you believe your most valuable audience is white men who skew conservative and that they exist in ever larger numbers — and demographic trends indicate that they do not.

If anything, Twitter’s history indicates that when you make the platform more hospitable to a range of people, the user base grows.