X shareholder list exposed! Including institutions such as Binance, a16z and ARK

X shareholder list exposed

X (formerly Twitter) has released a previously undisclosed list of shareholders, revealing the role that multiple cryptocurrency-focused companies played in Musk's $44 billion acquisition of the social media platform in 2022.

In response to a motion filed by the American Committee for Freedom of Journalists in July, a federal judge on Tuesday ordered X to release a list of its shareholders. The list lists nearly 100 entities, including Binance Capital Management and several prominent venture capital firms focused on investing in AI and cryptocurrencies. These companies include Andreessen Horowitz (a16z), ARK Venture and 8VC.

In addition, the list also contains nearly 30 entities related to Fidelity Investments. While Binance has previously been disclosed as an investor in X, most of the company’s other shareholders have not previously been disclosed to the public.

Musk’s purchase was too expensive, and the bank was stuck

Musk acquired X for $44 billion in October 2022, marking one of the largest technology acquisitions in history. According to Reuters, Musk has committed $4.65 billion in equity and debt financing for the deal and its transaction costs, while banks including Morgan Stanley and Bank of America have pledged $13 billion in debt financing. However, the deal has not performed as well as backers expected, according to the latest analysis of financial data.

Although X is a private company, it is not required to report its income externally. But the company claimed in the fourth quarter of 2023 that it was worth about $19 billion, while Fidelity analysts said in January 2024 that it might be worth only $12.5 billion.

Musk's $44 billion Twitter acquisition has become the worst merger financing deal for banks since the 2008-2009 financial crisis, the Wall Street Journal reported on Tuesday. While these banks still receive interest, so the loans are not necessarily losses, they are still essentially a heavy burden on banks' balance sheets, making it difficult for banks to sell the debt without losing money.

According to the Wall Street Journal, M&A teams at banks such as Barclays took a 40% salary cut due to the failed financing case.