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Saudi prince and ex-Twitter boss own shares in X

Ex-X employees complain of non-payment of royalties

Aug 27, 2024 15:21 270

Saudi prince and ex-Twitter boss own shares in X  - 1

Elon Musk's company X (formerly Twitter) has revealed its list of investors , which includes, among other investors, Saudi Prince Al-Waleed bin Talal Al Saud and Twitter founder Jack Dorsey, The Washington Post (WP) reported, citing a document in its possession.

On August 20, Judge Susan Illston of the Federal District Court for the Northern District of California required X to disclose the list of investors in the company who helped Musk acquire the corporation for $44 billion in October 2022. This is because former X employees complained about non-payment of dues after Musk bought the company, and independent journalist Jacob Silverman asked the court to make the investor information public. He said that "people have a right to know who owns a company that plays a big role in shaping public opinion in the United States and around the world."

In total, the list obtained by WP numbers almost 100 individuals and legal entities that own shares in X. In addition to the Saudi prince and the former CEO of Twitter, it includes the venture fund Andreessen Horowitz, the investment company 8VC and financial corporation Fidelity Investments, as well as a fund associated with rapper Sean Combs (alias P. Diddy).

On October 27, 2022, Musk struck a deal to buy Twitter for $44 billion. Immediately afterward, he fired a number of the company's executives, including CEO Parag Agrawal and CFO Ned Segal. According to the documents published in the database of the US Securities and Exchange Commission, Musk also dissolved the board of directors and became the sole head of the company.