A federal judge in California sided with independent journalist Jacob Silverman, who suggested that Elon Musk disclose the original shareholders of X.
In 2023, Elon Musk officially renamed Twitter to X, and now, over a year later, a federal court order led to the disclosure of the shareholders involved in the massive $44 billion purchase – including names like music mogul Sean “Diddy” Combs and the social media platform’s founder and former CEO Jack Dorsey.
According to court documents, U.S. District Judge Susan Illston granted the order proposed by Jacob Silverman, an independent technology journalist, in July 2024. Silverman proposed the order in the interest of “transparency” and the general public interest.
“I believe people have a right to know who owns a company that plays such an important role in shaping public discourse both in the United States and around the world,” Silverman wrote in a blog post on his website. “X’s self-appointed role as a guarantor of free speech means we should know which outside entities – and which foreign governments – may have influence over the company.”
Silverman is represented pro bono by the Reporters Committee for Freedom of the Press (RCFP).
“The Reporters Committee’s attorneys are very pleased with the district court’s decision, which not only validates the interest of our client, Mr. Silverman, but also the public’s interest in knowing who owns X,” Katie Townsend, RCFP’s deputy executive director and legal director, said in a statement to USA TODAY. “Corporate ownership information of this nature is routinely disclosed in civil litigation, and as the district court correctly noted, there is no reason why it should be kept under seal here.”
USA TODAY contacted X’s lawyers on Thursday but did not receive an immediate response.
Who helped Elon Musk buy X?
In addition to Combs and Dorsey, X Holdings Corp.’s other nearly 100 listed shareholders include: venture capital firm Andreessen Horowitz, Saudi Prince Alwaleed bin Talal al Saud; UnipolSai SPA, an Italian financial services company based in Bologna; and 8VC, a venture capital firm co-founded by Joe Lonsdale, co-founder of software company Palantir, according to an unsealed court document obtained by The Washington Post.
Many initial investors, including Dorsey and Andreessen Horowitz, have been publicly announced before, but this is the first time a list of all of X’s investors has been compiled, the Post reported.
The Pershing Square Foundation, another organization on the list published by the Post, lists hedge fund billionaire Bill Ackman and his wife, Neri Oxman, as co-trustees.
Fidelity, which has several companies on its shareholder list, said in January that the value of one of its mutual funds, which valued its stake in X at nearly $20 million in 2022, had fallen to $5.6 million.
In the first six months of 2023, the first full year Musk owned the company, X’s revenue ($1.48 billion) fell nearly 40% compared to the same period last year, Bloomberg reported, citing court documents. Overall, the company lost $456 million in the first quarter of 2023, the media reported, citing court documents.
The company generated just over $600 million in advertising revenue in each of the first three quarters of 2023, Bloomberg said, citing people familiar with the matter.
It is unclear who will still own shares in X in August 2024. X Holdings Corp., formerly known as Twitter, was taken private after being acquired by Musk.
Jacob Silverman intervened in 2023 lawsuit
Silverman “intervened” in a 2023 lawsuit filed by former Twitter employees who sued Musk and X after claiming the Tesla and SpaceX founder violated their arbitration agreements by failing to pay them certain fees after buying the company, according to documents filed in federal court in the Northern District of California.
According to court records, Musk filed a sealed version of the list of original X shareholders as part of the lawsuit, which was remanded to state court in June 2023.
Silverman’s lawyers, including Townsend, argued that he could intervene “for the limited purpose of asserting his common law and his right of access to court records under the First Amendment to the Constitution.”
Full list of X-Investors
Here is the full list of individuals and companies named as shareholders of X Holdings Corp. in the June 9, 2023 court document:
- 8VC Opportunities Fund II, LP
- ADREM X LLC
- ADREM Y LLC
- Afshar Partners, LP
- Andrea Stroppa
- Andreessen Horowitz LSV Fund III, LP
- Anthem Ventures, LLC
- ARK Venture Private Holdings LLC
- BAMCO, Inc.
- Bandera Fund LLC
- Baron Opportunity Fund
- Baron Partners Fund
- Binance Capital Management Co., Ltd
- Brookfield Project X LP
- CCM 2020 Investments LLC
- Cheng and Chen Family Trust
- CNK Fund IV, LP
- Daniel Kawasaki
- Dayton Family Enterprises, LLC
- Dayton Family Investments, LLC
- DFJ GROWTH IV, LP
- DFJ GROWTH IV PARALLEL FUND, LLC
- DFJ-GROWTH XI, LP
- Eden Relationship Capital LP
- Elon Musk as trustee of the Elon Musk Revocable Trust dated July 22, 2003
- FIAM Target Date Blue Chip Growth Commingled Pool By: Fidelity Institutional Asset Management Trust Company as Trustee
- Fidelity Blue Chip Growth Commingled Pool By: Fidelity Management Trust Company, as trustee
- Fidelity Blue Chip Growth Institutional Trust Through its manager Fidelity Investments Canada ULC
- Fidelity Canadian Growth Company Fund through its manager Fidelity Investments Canada ULC
- Fidelity Central Investment Portfolios LLC: Fidelity US Equity Central Fund – Communications Services Sub
- Fidelity Contrafund: Fidelity Advisor New Insights Fund – Sub A
- Fidelity Contrafund: Fidelity Advisor New Insights Fund – Sub B
- Fidelity Contrafund: Fidelity Contrafund
- Fidelity Contrafund: Fidelity Contrafund K6
- Fidelity Contrafund: Fidelity Series Opportunistic Insights Fund
- Fidelity Contrafund Commingled Pool By: Fidelity Management Trust Company, as Trustee
- Fidelity Destiny Portfolios: Diversified equity fund from Fidelity Advisor
- Fidelity Global Growth and Value Investment Trust – Sub A Through its manager Fidelity Investments Canada ULC
- Fidelity Global Innovators Investment Trust through its manager Fidelity Investments Canada ULC
- Fidelity Growth Company Mixed Pool By: Fidelity Management Trust Company, as Trustee
- Fidelity Insights Investment Trust Through its manager Fidelity Investments Canada ULC
- Fidelity Mt Vernon Street Trust: Fidelity Growth Company Fund
- Fidelity Mt Vernon Street Trust: Fidelity Growth Company K6 Fund
- Fidelity Mt. Vernon Street Trust: Fidelity Series Growth Fund
- Fidelity OTC Commingled Pool By: Fidelity Management Trust Company, as Trustee
- Fidelity Puritan Trust: Fidelity Puritan Fund – Stock Sub B
- Fidelity Puritan Trust: Puritan K6 Fund – Equity sub-portfolio
- Fidelity Securities Fund: Fidelity Blue Chip Growth Fund
- Fidelity Securities Fund: Fidelity Blue Chip Growth K6 Fund
- Fidelity Securities Fund: Fidelity OTC K6 Portfolio
- Fidelity Securities Fund: Fidelity OTC portfolio
- Fidelity Select Portfolios: Selected Communication Services Portfolio
- G64 Ventures LLC
- Gerber Kawasaki Inc.
- GFNCI LLC
- Gigafund 0.21, LP
- Glacier Ventures LLC
- GoMav, LLC
- His Royal Highness Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud
- His Royal Highness Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud
- IMG US, LLC
- Jack Dorsey Balance LLC
- Jack Dorsey Tr Ua 12/08/2010 Jack Dorsey Revocable Trust
- Kingdom Holding Company
- Revocable Trust of Lawrence J. Ellison
- Linda Ye and Robin Ren Family Foundation
- Litani Ventures
- Luchi Fiduciaria SR POS. 365
- Manhattan Venture Partners X LLC
- Mirae Asset Innovation X ONE, LLC
- Mirae Asset Project X Fund I, LP
- Olivier Janssens
- Q Tetris Holding LLC
- Ross Gerber
- Santo Lira LLC
- SC CDA1 LLC
- SCGE Fund, LP
- SCGGF III – US/India Management, LP
- SCHF (M) PV, LP
- Scott Nolan
- SC US/E Expansion Fund I Management, LP
- Sean Combs Capital, LLC
- Sequent (Switzerland) AG as trustee of the Debala Trust
- Sequoia Capital Fund, LP
- Series N Dis, a series of Atreides Special Circumstances Fund, LLC
- Shahidi Tactic Group, LLC
- Steve Davis
- T.One Holdings LLC
- The Pershing Square Foundation
- TM33 Partners Holdings LLC
- Tresser Blvd 402 LLC
- UnipolSai SPA
- Variable Insurance Products Fund II: VIP Contrafund Portfolio – Subportfolio A
- VYC25 Limited
- X Holdings I Investment, LLC
