President Biden referenced Elon Musk's Twitter purchase at a fundraising event, saying the billionaire bought 'an outfit that spews lies all across the world'

President Joe Biden said that the social media platform "spews all across the world" at a charity event in Chicago on Friday.

Biden warned donors about the effects of the upcoming election as he made the comments.

What are we concerned about? According to multiple reports, Biden said that Musk bought an outfit that sent and spewed lies all across the world.

There is no editor anymore. There isn't an editor. How do we make children understand what is at stake?

The White House supports social media platforms taking steps to reduce hate speech and misinformation, according to the press secretary.

Jean Pierre said that the belief extends to any social media platform where users can spread misinformation.

Musk promised to make the social platform akin to a digital town square that followed first amendment protections of speech. Hate speech on the platform has gone up since the $44 billion purchase, and major advertisers have stopped advertising on the platform.

Since the acquisition was finalized, the staff in charge of moderation and verification of political figures have been fired.

They did not respond to Insider's requests for comment.