After Elon Musk transformed Twitter into X in 2023, a California federal court has mandated the release of details about the shareholders involved in Musk’s $44 billion acquisition. This includes notable figures such as music industry leader Sean “Diddy” Combs and Twitter’s original founder and ex-CEO, Jack Dorsey.

In July 2024, U.S. District Judge Susan Illston approved the request made by Jacob Silverman, a freelance technology journalist. Silverman emphasized the need for “transparency” for the public’s benefit.

In a blog post, Silverman stated, “I believe that the public has a right to know who owns a company that plays such a significant role in influencing public conversations, both nationally and internationally. Given X’s self-proclaimed commitment to free speech, it’s important to know which entities— including foreign governments—may have the power to influence the platform.”

Silverman’s legal representation is provided pro bono by the Reporters Committee for Freedom of the Press (RCFP).

Katie Townsend, the RCFP’s deputy executive director and legal head, said in a statement to YSL News, “Our attorneys are very pleased with the district court’s ruling, which advocates for our client, Mr. Silverman, and also serves the public’s right to know who controls X. Information regarding corporate ownership like this is commonly disclosed in civil cases, and there is no justification for its concealment here.”

X’s legal team was contacted by YSL News on Thursday but did not provide an immediate reply.

Key Investors in Elon Musk’s Acquisition of X

Alongside Combs and Dorsey, nearly 100 other shareholders in X Holdings Corp. include venture capital firm Andreessen Horowitz, Saudi Prince Alwaleed bin Talal al Saud, the Italian financial services firm UnipolSai S.P.A., and 8VC, co-founded by Palantir co-founder Joe Lonsdale, as noted in a court document made public by the Washington Post.

While many early investors, such as Dorsey and Andreessen Horowitz, have been publicly known, this marks the first time a comprehensive list of X’s investors has been made available, according to the Post.

The list includes the Pershing Square Foundation, which indicates that hedge fund tycoon Bill Ackman and his wife Neri Oxman serve as co-trustees.

Fidelity, which has numerous subsidiaries listed as shareholders, reported in January that one of its mutual funds that valued its share of X at approximately $20 million in 2022 had seen its worth decline to $5.6 million.

In the first half of 2023, marking Musk’s full year as owner, X experienced a revenue decline of nearly 40%, generating $1.48 billion compared to the previous year, as indicated by court documents cited by Bloomberg. The company reported a total loss of $456 million in the first quarter of 2023, the report noted.

According to Bloomberg’s sources, X generated a bit over $600 million in advertising revenue in each of the first three quarters of 2023.

As of August 2024, it’s uncertain who still holds shares in X, which went private after Musk’s purchase.

Jacob Silverman’s Role in the 2023 Legal Case

Silverman became involved in a 2023 lawsuit where former Twitter employees accused Musk and X of breaching their arbitration agreements by neglecting to pay certain fees post-acquisition, according to federal court documents from the Northern District of California.

Musk had submitted a sealed initial shareholder list during the lawsuit, which was sent back to state court in June 2023 as per court records.

Silverman’s legal team argued he should be allowed to participate “to assert his common law and First Amendment rights to access judicial records.”

Complete List of X Shareholders

The following individuals and organizations were named shareholders of X Holdings Corp. in a court document filed on June 9, 2023:

• 8VC Opportunities Fund II, L.P.
• ADREM X LLC
• ADREM Y LLC
• Afshar Partners, LP
• Andrea Stroppa
• Andreessen Horowitz LSV Fund III, L.P.
• 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 L.P.
• CCM 2020 Investments LLC
• Cheng and Chen Family Trust
• CNK Fund IV, L.P.
• Danilo Kawasaki
• Dayton Family Enterprises, LLC
• Dayton Family Investments, LLC
• DFJ GROWTH IV, L.P.
• DFJ GROWTH IV PARALLEL FUND, LLC
• DFJ GROWTH X-I, L.P.
• Eden Relationship
  • Capital L.P.
  • Elon Musk, Trustee of the Elon Musk Revocable Trust, dated July 22, 2003
  • FIAM Target Date Blue Chip Growth Commingled Pool, managed by Fidelity Institutional Asset Management Trust Company, Trustee
  • Fidelity Blue Chip Growth Commingled Pool, managed by Fidelity Management Trust Company, Trustee
  • Fidelity Blue Chip Growth Institutional Trust, overseen by Fidelity Investments Canada ULC, Manager
  • Fidelity Canadian Growth Company Fund, managed by Fidelity Investments Canada ULC
  • Fidelity Central Investment Portfolios LLC, includes the Fidelity U.S. Equity Central Fund – Communication Services Sub
  • Fidelity Contrafund, consisting of Fidelity Advisor New Insights Fund – Sub A
  • Fidelity Contrafund, featuring Fidelity Advisor New Insights Fund – Sub B
  • Fidelity Contrafund itself
  • Fidelity Contrafund K6
  • Fidelity Series Opportunistic Insights Fund, associated with Fidelity Contrafund
  • Fidelity Contrafund Commingled Pool, managed by Fidelity Management Trust Company, Trustee
  • Fidelity Destiny Portfolios, featuring Fidelity Advisor Diversified Stock Fund
  • Fidelity Global Growth and Value Investment Trust – Sub A, overseen by Fidelity Investments Canada ULC
  • Fidelity Global Innovators Investment Trust, managed by Fidelity Investments Canada ULC
  • Fidelity Growth Company Commingled Pool, overseen by Fidelity Management Trust Company, Trustee
  • Fidelity Insights Investment Trust, managed by Fidelity Investments Canada ULC
  • Fidelity Mt. Vernon Street Trust, featuring Fidelity Growth Company Fund
  • Fidelity Mt. Vernon Street Trust, including Fidelity Growth Company K6 Fund
  • Fidelity Mt. Vernon Street Trust, which has Fidelity Series Growth Company Fund
  • Fidelity OTC Commingled Pool, overseen by Fidelity Management Trust Company, Trustee
  • Fidelity Puritan Trust, including Fidelity Puritan Fund – Equity Sub B
  • Fidelity Puritan Trust, featuring Puritan K6 Fund – Equity Subportfolio
  • Fidelity Securities Fund, associated with Fidelity Blue Chip Growth Fund
  • Fidelity Securities Fund, featuring Fidelity Blue Chip Growth K6 Fund
  • Fidelity Securities Fund, including Fidelity OTC K6 Portfolio
  • Fidelity Securities Fund, which has Fidelity OTC Portfolio
  • Fidelity Select Portfolios, featuring Select Communication Services Portfolio
  • G64 Ventures LLC
  • Gerber Kawasaki Inc.
  • GFNCI LLC
  • Gigafund 0.21, L.P.
  • Glacier Ventures LLC
  • Go Mav, LLC
  • HRH Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud
  • IMG US, LLC
  • Jack Dorsey Remainder LLC
  • Jack Dorsey Revocable Trust dated 12/08/2010
  • Kingdom Holding Company
  • Lawrence J. Ellison Revocable Trust
  • 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, L.P.
  • Olivier Janssens
  • Q Tetris Holding LLC
  • Ross Gerber
  • Santo Lira LLC
  • SC CDA1 LLC
  • SCGE Fund, L.P.
  • SCGGF III – U.S./India Management, L.P.
  • SCHF (M) PV, L.P.
  • Scott Nolan
  • SC US/E Expansion Fund I Management, L.P.
  • Sean Combs Capital, LLC
  • Sequent (Schweiz) AG, Trustee of the Debala Trust
  • Sequioa Capital Fund, L.P.
  • Series N Dis, part of Atreides Special Circumstances Fund, LLC
  • Shahidi Tactic Group, LLC
  • Steve Davis
  • T. One Holdings LLC
  • The Pershing Square Foundation
  • TM33 Partner Holdings LLC
  • Tresser Blvd 402 LLC
  • UnipolSai S.P.A.
  • Variable Insurance Products Fund II, featuring VIP Contrafund Portfolio – Subportfolio A
  • VYC25 Limited
  • X Holdings I Investment, LLC