TLDR: X investors who helped Elon Musk buy company include top VC firms, Saudi prince and Jack Dorsey
Several key elements were revealed in a court filing that required X to unseal the list of shareholders who helped Elon Musk acquire the company for $44 billion in 2022. The list included top venture capitalists from Silicon Valley, a Saudi prince, and Jack Dorsey.
Key points from the article include:
- Larry Ellison, the Oracle co-founder, contributed $1 billion towards the investment group that purchased X.
- In order to complete the purchase, Musk borrowed $13 billion from several banks, leading to yearly interest payments exceeding $1 billion.
- X’s weak finances have made it difficult for banks to sell the debt, resulting in “hung” loans on their balance sheets.
- Fidelity, a mutual fund giant that assisted Musk in acquiring X, marked down the value of its shares between $15-16 billion after documents showed a 70% decrease in X’s value.
- Musk reduced X’s workforce by 80% after acquiring the company and has faced challenges in winning back advertisers due to content moderation concerns.
Overall, the article sheds light on the investors who played a role in Musk’s acquisition of X, the financial implications of the deal, and the ongoing challenges faced by the company under Musk’s ownership.
