Exclusive List of X Shareholders Revealed! 🚀
X, previously known as Twitter, has disclosed a list of its undisclosed shareholders, shedding light on the involvement of various crypto-focused firms in Elon Musk’s acquisition of the social media platform for $44 billion in 2022.
Who Are X’s Secret Shareholders? 🕵️
- The company’s shareholder list was unveiled to comply with a legal mandate, showcasing around 100 entities, including Binance Capital Management, Andreessen Horowitz, ARK Venture, and 8VC, which have significant AI and crypto-related investments.
- A16z’s portfolio encompasses top crypto exchange Coinbase and crypto bank Anchorage Digital, while ARK Invest holds stakes in stock and crypto trading platform Robinhood and AI developer Anthropic.
- Additionally, AI companies like PathAI and Cognition are part of 8VC’s investment portfolio.
- The list also features nearly 30 entities associated with Fidelity, which houses a digital assets division.
Forced Disclosure Due to Legal Order ⚖️
A federal judge mandated X to disclose the list of shareholders, responding to a motion presented by the nonprofit Reporters Committee for Freedom of the Press. The latter requested unveiling the shareholders’ list compiled during a separate legal case against the company in 2023.
Elon Musk’s $44 Billion Acquisition 🤑
In October 2022, Musk successfully acquired X for $44 billion, marking one of the most massive tech acquisitions in history. The billionaire committed to financing the deal with $46.5 billion in equity and debt, with banks like Morgan Stanley and Bank of America Corp. offering $13 billion in debt financing.
Financial Struggles and Advertising Woes 💸
Since 2022, X has faced financial challenges, aggravated by major companies reducing advertising on the platform to distance themselves from Musk’s controversial statements. Advertisers previously contributed nearly 90% of X’s revenue, a significant portion that dwindled after the acquisition.
Hot Take 🔥
In a surprising disclosure, X, formerly Twitter, unveiled its clandestine shareholders, showcasing the involvement of prominent crypto-focused firms in the $44 billion acquisition led by Elon Musk. The legal mandate to disclose this information sheds light on the financial strains and controversies surrounding the social media platform post-acquisition.
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