A recently unsealed court document has revealed the diverse group of investors who supported Elon Musk’s $44 billion acquisition of X, formerly known as Twitter, in October 2022.
The list, which includes nearly 100 entities, features prominent figures from Silicon Valley, international royalty, and even a connection to the music industry, a Washington Post report revealed.
According to the filing, made public following a court order by US District Judge Susan Illston, key investors in the acquisition include:
- Saudi Prince Alwaleed bin Talal al Saud
- Jack Dorsey, Twitter’s founder and former CEO
- Andreessen Horowitz, a leading venture capital firm
- 8VC, a venture capital firm co-founded by Palantir co-founder Joe Lonsdale
- A fund linked to hip-hop mogul Sean “Diddy” Combs
The document also lists lesser-known shareholders, such as UnipolSai S.P.A., an Italian financial services company based in Bologna.
Musk’s X takeover controversy unfolds
The release of this information comes as a result of a lawsuit filed by former Twitter employees in 2023, alleging that Musk violated their arbitration agreements by failing to pay certain fees after the acquisition. The nonprofit Reporters Committee for Freedom of the Press, on behalf of independent technology journalist Jacob Silverman, filed a motion in July requesting the court to unseal the records.
Katie Townsend, legal director for the Reporters Committee, stated that the court’s ruling “vindicates the interest of the general public in knowing who owns X,” emphasising the platform’s significant role in shaping public discourse both in the United States and globally.
While Musk’s takeover of the platform initially generated substantial interest from investors, recent indicators suggest that X’s business has faced challenges under his ownership. Fidelity, in a January filing, reported a significant devaluation of its stake in X, from nearly $20 million in 2022 to $5.6 million.
Despite these challenges, Musk has implemented various changes to the platform, including new subscription options and an AI chatbot. However, he has also made substantial staff cuts and alterations to content rules, which experts argue have made the platform less appealing to some users and advertisers.
As the 2024 US presidential election approaches, Musk has positioned X as a key platform for political discourse, claiming recent record-high app downloads. However, his endorsement of former president Donald Trump and the platform’s perceived rightward shift have raised concerns about its potential influence on online political discussions.
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