Millions of folks used Twitter to stay informed, to maintain group cohesion, to keep up on ridiculous trends that were important to them, or just have fun. Musk has no understanding of what the folks who are not billionaires care about.
In many ways Twitter was like a town square. The previous owners attempted to keep it as a town square in 2022, in which hate-speech, violence, and blatant, dangerous lies were unacceptable, and those who acted that way were told to step away.
Musk seems to want to reinvent the town square of a Mississippi town in 1858, in which the views of the rich slave owners dominated and everyone else was intimidated, if not lynched.