Call me an idealist, but I think that a prerequisite for hosting an international sport event should be that you're willing to host an international sport event.
Musk's incitement and the weaponisation of his platform to further his ends and destabilise the UK and spread fear and violence are reason enough to switch off X.
If it was owned by Russia the government would have done so already.
X and Musk may not be a state but they ARE a hostile power.
