Elon Musk's X Reveals Previously Hidden Investors

Elon Musk's $44 billion acquisition of Twitter, now rebranded as X, has turned into a major financial disaster, characterized by a significant drop in the company's value and mounting debt. Unsealed court documents reveal that nearly 100 investors, including major players in the cryptocurrency and venture capital sectors, backed Musk's takeover, such as Binance, Andreessen Horowitz, and ARK Invest. Despite initial optimism, banks like Morgan Stanley and Bank of America, which financed $13 billion of the deal, have struggled to offload this debt, leading to a situation where it remains on their balance sheets. The company's value has plummeted to around $19 billion, and while app usage saw a slight increase, advertising revenue has not rebounded. Musk himself acknowledged the deal was overvalued, and internal conflicts have surfaced, notably with investors expressing concerns about Musk's impact on their other ventures. The public's right to know about the shareholders was upheld by a recent court ruling, reflecting increasing scrutiny over the ownership of such a significant platform for public discourse.