Musk forced to reveal over 100 names who invested in X, list includes Jack Dorsey, Saudi Prince etc

Elon Musk’s social media platform, X (formerly known as Twitter), has been compelled to reveal a list of its investors as part of a lawsuit initiated by former employees.

These employees are seeking reimbursement for arbitration fees incurred following Musk’s acquisition of the company. The disclosure was ordered by a federal judge in California, who ruled against X’s claim that the identities of its investors should remain confidential.

The unsealed documents have brought to light nearly 100 investors, including several well-known figures from the worlds of finance, technology, and entertainment.

Among them are billionaire investor Bill Ackman, through his Pershing Square Foundation, and music mogul Sean “Diddy” Combs, linked to the Sean Combs Foundation and Combs Investments. These investors, alongside many others, have put their money into Musk’s ambitious venture despite the platform’s turbulent performance since his takeover.

More from Tech

How ChatGPT is becoming everyone’s BFF and why that’s dangerous America ready for self-driving cars, but it has a legal problem

Familiar faces in the X Universe
Not surprisingly, the list includes several prominent names who have long been associated with tech investments. Fidelity Investments, a major player in the financial sector, has stakes in X through almost 30 different entities. Fidelity’s involvement has been closely watched, particularly since reports surfaced that the platform’s value had plummeted by 72 per cent since Musk’s acquisition.

Other notable investors include Oracle founder Larry Ellison, who has a stake in X through his Lawrence J. Ellison Revocable Trust. Although Ellison is not a frequent user of X, his inclusion underscores the platform’s appeal to tech industry heavyweights. Meanwhile, Jack Dorsey, the co-founder of Twitter, still retains a stake in X via the Jack Dorsey Remainder LLC, despite his public criticism of Musk’s leadership in recent months.

Impact Shorts

More Shorts

America ready for self-driving cars, but it has a legal problem

Alibaba, Baidu begin using own AI chips as China shifts away from US tech amid Nvidia row

Political and International Interests
The list also highlights the intersection of technology, finance, and politics. Several investors are known supporters of Donald Trump, and their involvement in X aligns with Musk’s own controversial decisions, such as reinstating Trump’s account on the platform. Among these investors are venture capitalists Marc Andreessen and Ben Horowitz, as well as Joe Lonsdale’s 8VC and Sequoia Capital, which has a history of backing conservative causes in Silicon Valley.

In a surprising twist, the unsealed documents reveal that Musk’s venture has also attracted international interest. HRH Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud, a Saudi royal with a vast portfolio that includes luxury hotels and tech companies like Lyft, is among the investors in X. The prince’s involvement underscores the global reach and influence of Musk’s platform, even as it faces challenges on multiple fronts.

Legal and Public Scrutiny
The decision to unseal the list of investors was the result of a motion filed by the Reporters Committee for Freedom of the Press on behalf of independent tech journalist Jacob Silverman. The motion argued that the public has a right to know who owns a platform as influential as X, especially given Musk’s self-proclaimed commitment to free speech.

Musk’s X Corp. was given until September 4 to comply with the order, marking a significant moment in the ongoing legal battle between the company and its former employees. The disclosure of these investors not only sheds light on the financial backing behind X but also raises questions about the influence of these stakeholders on the platform’s direction and policies.

Challenges Ahead for X
Since acquiring X for $44 billion in 2022, Musk has faced a series of challenges, including a mass exodus of advertisers, widespread layoffs, and growing criticism of his management style. The platform’s financial struggles have led some investors, like Ross Gerber of Gerber Kawasaki Wealth and Investment Management, to publicly express their concerns about Musk’s leadership. Despite these issues, the revealed list of investors suggests that there is still significant interest in X’s potential, even if the platform’s future remains uncertain.

As X continues to navigate these turbulent waters, the unsealing of its investor list adds another layer of complexity to Musk’s already high-stakes endeavour. The platform, once a cornerstone of online discourse, now stands at a crossroads, with its future likely to be shaped by the diverse and powerful interests of its newly revealed backers.