A federal judge in California recently ordered the release of corporate disclosure documents for X Holdings, marking a pivotal moment for Elon Musk’s social media and AI businesses. The ruling opens the door to a deeper understanding of the financial players behind X, the rebranded version of Twitter, and X.ai, the AI startup Musk launched under X’s umbrella last year.
Elon Musk’s path to acquiring Twitter began in 2022, when he set out to acquire the social media giant. After overcoming a series of legal and financial hurdles, Musk acquired Twitter for $44 billion and then took the company private, which allowed him to implement sweeping changes, including laying off roughly three-quarters of Twitter’s workforce. As part of a broader vision, Musk rebranded the platform as X in 2023 to align with his desire to create a multi-functional application encompassing social media, digital payments and artificial intelligence.
X Holdings emerged as the parent company of both Platform X and Musk’s artificial intelligence initiative, X.ai. Launching in 2023, X.ai reflects Musk’s longtime interest in AI and complements his vision for incorporating advanced technology into everyday life. But despite the high-profile nature of Musk’s ventures, the financial players behind X Holdings have remained largely mysterious until now.
The legal dispute that led to the disclosure of X Holdings’ disclosure documents dates back to a lawsuit filed in 2023 by a group of former Twitter employees. These employees alleged that Musk violated an arbitration agreement by failing to cover certain expenses after acquiring the company. The lawsuit opened the door for independent journalist Jacob Silverman to intervene. Backed by the Reporters Committee for Freedom of the Press, Silverman argued that it was in the public interest to reveal who has a financial interest in X and sought the disclosure of the shareholder list.
Silverman’s commitment to transparency was rooted in concerns about the platform’s influence on public discourse. Because X is a major forum for global dialogue, it raised questions about who controls the platform’s governance. “This is about transparency, disclosure, and free speech, on behalf of the public and the users of X,” Silverman said. The case reached a critical juncture when U.S. District Judge Susan Illston ruled in favor of the release of corporate disclosure documents, finding that X Holdings had not shown sufficient reason to keep the information secret.
When Musk first acquired Twitter, several high-profile investors were identified, including Twitter founder and former CEO Jack Dorsey and Oracle co-founder Larry Ellison. These investors brought significant portions of Twitter shares to X Holdings, demonstrating their belief in Musk’s vision for Twitter’s future. In addition to them, venture capital firms such as Andreessen Horowitz and Sequoia Capital were also revealed to have backed Musk’s acquisition. However, beyond these notable names, the full list of investors was kept secret.
But the judge’s ruling means X Holdings must disclose its investor list by September 4, revealing roughly 100 entities and individuals with financial interests in Musk’s ventures. Firms expected to be named include some of the biggest names in technology and finance, including Saudi Arabian Prince Alwaleed bin Talal Al Saud and 8VC, the venture capital firm co-founded by Joe Lonsdale. Notably, the public list also includes some unexpected names, such as UnipolSai SPA, an Italian financial services company based in Bologna, and hip-hop mogul Sean “Diddy” Combs, who has ties to the company through a fund.