Elon Musk-owned social media platform X has revealed its owners and shareholders after being ordered to do so by a U.S. federal judge, based on a motion brought by tech journalist Jacob Silverman.
Some prominent investors among the dozens named in the filing included Andreessen Horowitz LSV Fund III, L.P., Binance Capital Management Co., Ltd., HRH Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud (of Saudi Arabia), Jack Dorsey Remainder LLC., Sequioa Capital Fund, L.P., and Elon Musk as Trustee of the Elon Musk Revocable Trust.
Silverman has been vocal about trying to access the details of shareholders who helped Musk finance the acquisition of Twitter in 2022, even when he tried to get out of the deal.
“I believe that people have a right to know who owns a company with such a prominent role in shaping public discourse, both in the United States and around the world. X’s self-proclaimed role as a guarantor of free speech means that we should know which outside entities — and which foreign governments — may be able to exert influence on the company,” wrote Silverman in a blog post in July.
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Since reluctantly acquiring Twitter for $44 billion, Musk has alienated advertisers, faced criticisms over antisemitism and racism on the platform, and was hit with lawsuits over the way he laid off Twitter employees en masse.
He has tried to monetise free features on the platform, such as the blue verification tick, and also integrated an AI chatbot called Grok that subscribers can access.
“X Corp. is wholly owned by X Holdings Corp. No publicly held corporation owns 10% or more of X Corp.’s or X Holdings Corp.’s stock,” stated the legal filing.
A report by The Wall Street Journal published on August 20 revealed that Musk’s $44 billion purchase of Twitter is the worst merger deal financed by banks since the 2008 crisis.
Due to the platform’s worsening finances, a group of seven banks including Bank of America and Morgan Stanley that lent Musk $13 billion, were unable to sell the debt stacking up big losses, the report said.
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