TechFlow news, X (formerly Twitter) has disclosed a previously unrevealed shareholder list, revealing the roles of several cryptocurrency-related companies in Elon Musk's $44 billion acquisition of the social media platform in 2022. The list includes nearly 100 entities, such as Binance Capital Management and prominent venture capital firms focused on AI and crypto investments, including Andreessen Horowitz (a16z), ARK Venture, and 8VC.
In addition, the list contains nearly 30 entities associated with Fidelity, which operates a digital assets division.
Notably, this shareholder disclosure was made to comply with a court order. On August 22, a federal judge ordered X to release the shareholder list in response to a motion filed in July by the nonprofit organization "News Media for Democracy."
However, according to The Wall Street Journal, Musk's $44 billion purchase of Twitter has become the worst bank-financed M&A deal since the 2008–2009 financial crisis, partly due to the accumulation of $13 billion in "stranded debt" from the transaction.
Since 2022, X's financial condition has remained unstable, with major corporations reducing advertising spending on the platform to distance themselves from its owner.
