Elon Musk’s social media app, X, has 95 co-owners including a Saudi conglomerate, cryptocurrency firm Binance, and entities associated with rapper Sean “Diddy” Combs and billionaire Bill Ackman. The list of co-owners was made public as part of a lawsuit filed by former Twitter employees accusing the company of breaching employment contracts. The ownership details were initially filed with the court in June 2023 and made public recently. This disclosure reveals that some investors from Twitter’s days as a publicly traded company have held onto their shares or new shareholders joined Musk’s ownership group after May 2022. Some prominent co-owners include entities associated with Combs and Ackman, as well as Fidelity Investments and other venture capital firms. Musk and his co-investors paid $44 billion to acquire Twitter, with Fidelity stating the company’s value has fallen about 71% since then. Musk’s ownership has faced challenges operationally due to the platform becoming a hub for extremists and financially as mainstream advertisers have avoided it. The list also confirms that current and former executives from Musk’s other businesses received stakes in X. The disclosure was ordered by a federal judge in California, who ruled in favor of public access to court records. Some investors listed in a securities filing in May 2022 were not included in this week’s disclosure. Co-owners like Jack Dorsey and entities associated with Larry Ellison are also part of the list. Ackman, one of the co-owners, frequently posts on X and has campaigned against what he considers antisemitism in universities. Combs, another co-owner, faces lawsuits, including one accusing him of sex trafficking, which he denies.
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Investors in Musk’s X acquisition unveiled in legal records
