Full List of X Investors Unveiled: 75% Valuation Plunge and Musk's Recovery Plan

Who Are the Investors?

According to federal court records, X Holdings Corp.—the parent company of the social media platform X (formerly Twitter)—has 95 entities on its complete shareholder roster. The court disclosed this list in response to an order from U.S. District Judge Susan Illston in San Francisco, following a motion filed by the nonprofit Reporters Committee for Freedom of the Press on behalf of technology journalist Jacob Silverman. The motion sought to release the list of shareholders, which was part of a separate lawsuit filed in 2023 by several former investors who alleged breach of their arbitration agreement after Elon Musk acquired the company for $44 billion in October 2022.

The 95 shareholders reflect a diverse mix of institutional investors, venture capital firms, and individual stakeholders. Notable investors include Saudi prince Alwaleed bin Talal al Saud and Kingdom Holding Co.; a leading cryptocurrency company; billionaire Bill Ackman's Pershing Square; sports and media powerhouse IMG; funds tied to top venture capital firms like Andreessen Horowitz, ARK, Sequoia Capital, Baron, DFJ, and 8VC; trusts linked to Oracle co-founder Larry Ellison; trusts associated with X co-founder and former CEO Jack Dorsey; entities connected to media personalities; and at least 27 distinct investment vehicles affiliated with Boston-based mutual fund and brokerage giant Fidelity Investments.

As of October 2024, public records show Musk controlled 75% of X's shares, with no other single shareholder holding more than 10%.

Complete List of X Shareholders:

• 8VC Opportunities Fund II, L.P.
• ADREM X LLC
• ADREM Y LLC
• Afshar Partners, LP
• Andrea Stroppa
• Andreessen Horowitz LSV Fund III, L.P.
• Anthem Ventures, LLC
• ARK Venture Private Holdings LLC
• BAMCO, Inc.
• Bandera Fund LLC
• Baron Opportunity Fund
• Baron Partners Fund
• Binance Capital Management Co., Ltd
• Brookfield Project X L.P.
• CCM 2020 Investments LLC
• Cheng and Chen Family Trust
• CNK Fund IV, L.P.
• Danilo Kawasaki
• Dayton Family Enterprises, LLC
• Dayton Family Investments, LLC
• DFJ GROWTH IV, L.P.
• DFJ GROWTH IV PARALLEL FUND, LLC
• DFJ GROWTH X-I, L.P.
• Eden Relationship Capital L.P.
• Elon Musk as Trustee of the Elon Musk Revocable Trust dated July 22, 2003
• FIAM Target Date Blue Chip Growth Commingled Pool By: Fidelity Institutional Asset Management Trust Company as Trustee
• Fidelity Blue Chip Growth Commingled Pool By: Fidelity Management Trust Company, as Trustee
• Fidelity Blue Chip Growth Institutional Trust By its manager Fidelity Investments Canada ULC
• Fidelity Canadian Growth Company Fund by its manager Fidelity Investments Canada ULC
• Fidelity Central Investment Portfolios LLC: Fidelity U.S. Equity Central Fund - Communication Services Sub
• Fidelity Contrafund: Fidelity Advisor New Insights Fund - Sub A
• Fidelity Contrafund: Fidelity Advisor New Insights Fund - Sub B
• Fidelity Contrafund: Fidelity Contrafund
• Fidelity Contrafund: Fidelity Contrafund K6
• Fidelity Contrafund: Fidelity Series Opportunistic Insights Fund
• Fidelity Contrafund Commingled Pool By: Fidelity Management Trust Company, as Trustee
• Fidelity Destiny Portfolios: Fidelity Advisor Diversified Stock Fund
• Fidelity Global Growth and Value Investment Trust - Sub A By its manager Fidelity Investments Canada ULC
• Fidelity Global Innovators Investment Trust by its manager Fidelity Investments Canada ULC
• Fidelity Growth Company Commingled Pool By: Fidelity Management Trust Company, as Trustee
• Fidelity Insights Investment Trust By its manager Fidelity Investments Canada ULC
• Fidelity Mt. Vernon Street Trust: Fidelity Growth Company Fund
• Fidelity Mt. Vernon Street Trust: Fidelity Growth Company K6 Fund
• Fidelity Mt. Vernon Street Trust: Fidelity Series Growth Company Fund
• Fidelity OTC Commingled Pool By: Fidelity Management Trust Company, as Trustee
• Fidelity Puritan Trust: Fidelity Puritan Fund - Equity Sub B
• Fidelity Puritan Trust: Puritan K6 Fund - Equity Subportfolio
• Fidelity Securities Fund: Fidelity Blue Chip Growth Fund
• Fidelity Securities Fund: Fidelity Blue Chip Growth K6 Fund
• Fidelity Securities Fund: Fidelity OTC K6 Portfolio
• Fidelity Securities Fund: Fidelity OTC Portfolio
• Fidelity Select Portfolios: Select Communication Services Portfolio
• G64 Ventures LLC
• Gerber Kawasaki Inc.
• GFNCI LLC
• Gigafund 0.21, LP
• Glacier Ventures LLC
• Go Mav, LLC
• HRH Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud
• IMG US, LLC
• Jack Dorsey Remainder LLC
• Jack Dorsey Tr Ua 12/08/2010 Jack Dorsey Revocable Trust
• Kingdom Holding Company
• Lawrence J. Ellison Revocable Trust
• Linda Ye and Robin Ren Family Foundation
• Litani Ventures
• Luchi Fiduciaria SR POS. 365
• Manhattan Venture Partners X LLC
• Mirae Asset Innovation X ONE, LLC
• Mirae Asset Project X Fund I, LP
• Olivier Janssels
• Q Tetris Holding LLC
• Ross Gerber
• Santo Lira LLC
• SC CDA1 LLC
• SCGE Fund, L.P.
• SCGGF III – U.S./India Management, L.P.
• SCHF (M) PV, L.P.
• Scott Nolan
• SC US/E Expansion Fund I Management, L.P.
• Sean Combs Capital, LLC
• Sequent (Schweiz) AG as Trustee of the Debala Trust
• Sequoia Capital Fund, L.P.
• Series N Dis, a series of Atreides Special Circumstances Fund, LLC
• Shahidi Tactic Group, LLC
• Steve Davis
• T. One Holdings LLC
• The Pershing Square Foundation
• TM33 Partner Holdings LLC
• Tresser Blvd 402 LLC
• UnipolSai S.P.A.
• Variable Insurance Products Fund II: VIP Contrafund Portfolio - Subportfolio A
• VYC25 Limited
• X Holdings I Investment, LLC

In 2022, Musk and the above investors jointly paid $44 billion to acquire Twitter, which was then rebranded as X. Subsequent Fidelity reports show X’s market value has plunged roughly 75% from the acquisition price to about $12.5 billion.

One of Wall Street's Worst Takeovers

Financial analysts and media outlets have labeled Musk’s acquisition of X as one of the most problematic M&A deals in recent history. The deal’s financing structure proved especially challenging for participating lenders.

Seven major banks backed the acquisition and privatization of X in 2022, including Morgan Stanley, Bank of America, Barclays, and four additional large financial institutions. Together, these banks supplied approximately $13 billion in loans to Musk’s holding company to close the deal.

Ordinarily, banks offload acquisition debt to investors soon after closing to clear their balance sheets. With X, however, this strategy failed. The company’s financials deteriorated sharply post-acquisition, making it nearly impossible for banks to find buyers for the loans. Consequently, the banks were left holding a massive amount of debt—described as the largest acquisition-loan "overhang" since the 2008–2009 financial crisis.

X’s valuation suffered dramatically. Since Musk’s buyout, the platform’s market value has plummeted from $44 billion to about $12.5 billion, wiping out substantial investor equity.

This failed acquisition rippled across the banking sector. Participating banks booked significant write-downs, with some incurring losses from hundreds of millions to billions of dollars. The deal’s poor performance shifted the competitive landscape among investment banks: Bank of America and Morgan Stanley lost their leading positions to JPMorgan Chase and Goldman Sachs, both of which stayed out of the X deal.

Individual compensation was also hit hard. In 2023, senior investment bankers in Barclays’ M&A unit saw their pay slashed by at least 40% from the prior year, with the X financing cited as a major factor in the bank’s performance decline.

Saving X: Payments, Traffic, and AI

X’s steep valuation drop is the result of several intertwined factors. Musk’s changes to the platform’s features and operations triggered user attrition. Meanwhile, relationships with advertisers unraveled, driving down ad revenue—the company’s main income prior to the acquisition.

X now faces acute financial strain. The company must service roughly $1.5 billion in annual interest payments on acquisition debt. For perspective, this debt service accounts for nearly one-third of Twitter’s pre-acquisition annual revenue (about $5 billion), highlighting the crushing weight of the debt load.

To counter these challenges, Musk has announced a multi-pronged turnaround strategy centered on three pillars: payment capabilities, traffic growth, and artificial intelligence (AI) integration.

Payment Functionality: Payments are at the heart of Musk’s vision for X. He aims to remake X into a super-app similar to WeChat, fusing financial services and social networking. X Payments, a subsidiary, has secured money transmission licenses in 28 U.S. states, with plans to expand to all states and roll out payment features nationwide. Musk’s stated goal: make X the largest payments institution in the United States. Industry analysts expect X may eventually enable cryptocurrency payments and potentially launch its own dollar-based stablecoin.

Traffic Expansion: User engagement and platform traffic are vital for X’s recovery. Musk commands a vast following—about 195 million users—and actively weighs in on politics, economics, and technology. His activity generates engagement and draws users to the platform. In one high-profile Twitter Space with a political figure, Musk attracted 1.3 million concurrent listeners and reached a total audience of 270 million. Still, Musk’s outsized presence is a double-edged sword: while it drives traffic, his political commentary often polarizes the platform’s user base.

Artificial Intelligence Integration: Recognizing AI’s transformative potential, Musk has brought Grok—the flagship product of his xAI company—onto X. Grok is now available to all X Premium subscribers at no additional cost. This integration advances several strategic goals: it encourages users to upgrade to Premium, enables content creation and sharing powered by Grok to expand platform reach, and supplies X with valuable user-generated data to train and enhance the Grok AI model. The result is a self-reinforcing ecosystem where AI innovation, user engagement, and content creation drive one another forward.

FAQ

Who are the principal investors in platform X?

The leading investors in platform X are Elon Musk, Kingdom Holding Company (controlled by Saudi prince Alwaleed bin Talal), and Oracle. These remain the platform’s primary shareholders.

Why did platform X suffer a 75% drop in valuation?

X’s 75% valuation drop was driven primarily by Musk’s strategic decisions and platform feature changes, which triggered a crisis of user confidence. Investor uncertainty over X’s future significantly increased its risk premium.

What actions has Musk taken to restore the value of platform X?

Musk integrated xAI with the X platform, bringing together data, AI models, computing power, and top talent. This integration is designed to harness artificial intelligence to reimagine the social network’s value and drive future growth.

What was the change in platform X’s valuation?

Platform X’s valuation fell from $44 billion to about $12.5 billion—a roughly 75% decline since Elon Musk acquired it in 2022.

What are the future profitability prospects and development direction for platform X?

X projects advertising revenue above $2 billion in 2024, focusing on expanding ad sales. Subscription revenue remains below expectations, signaling a strategic pivot toward monetization via premium advertising and commercial partnerships.