Elon Musk's X Corp. Discloses Shareholders Following Court Order
ICARO Media Group
In a development resulting from a recent lawsuit, Elon Musk's X Corp. has released a list of shareholders for its parent company. The document, which was unsealed on Wednesday evening, reveals a notable roster of investors, including well-known entities such as Sean "Diddy" Combs, Bill Ackman, Larry Ellison, and Marc Andreessen.
The disclosure is connected to a legal action initiated by former Twitter employees who accused Musk of violating their arbitration agreements by not paying certain fees after his acquisition of the social media platform. The list, containing nearly 100 groups with a stake in the company, sheds light on the investors who supported Musk's $44 billion purchase of Twitter, a platform recognized globally as a prominent public forum due to its extensive reach.
Among the shareholders disclosed in the filing are Saudi Prince Alwaleed bin Talal al Saud and his investment vehicle, Kingdom Holding Company, as well as Twitter founder Jack Dorsey. Notably, Sean Combs Capital, an investment fund associated with entertainment figure Sean "Diddy" Combs, is also listed. The exact amount invested by Combs has not been specified.
It is important to note that this disclosure occurs amidst ongoing legal challenges faced by Combs, including lawsuits alleging sexual assault and battery. Combs, who invested in X in 2022, strongly denies these allegations. However, a 2016 surveillance video shared by CNN in May captured him engaging in physically aggressive behavior towards his then-girlfriend, Cassie Venture, at a hotel.
The court order mandating the release of the shareholder list emphasized that X Corp. placed itself in a position where public disclosure of the investors' identities became necessary. X initially filed a corporate disclosure statement for the litigation, stating that no publicly held corporation owned 10% or more of its stock, without specifically identifying the entities involved.
Throughout the case, a journalist and the Reporters Committee for Freedom of the Press fought for intervention, arguing that there is a strong public interest in understanding the financial motivations that influence free speech on one of the world's most widely used social media platforms.
With this public disclosure of shareholders, more transparency is provided regarding the financial backers behind Musk's acquisition of Twitter. As the legal proceedings continue, it remains to be seen how this information will impact the case and whether it will have broader implications for the intersection of business, technology, and free speech in the digital age.