Elon Musk’s X Corp Reveals Major Backing From Crypto Market

Elon Musk remains one of the biggest investors in the world and a great negotiator who enlisted some of the biggest investors in crypto for X Corp, his social media firm. The firm acted on an order from a Federal Judge earlier this week to release the names of its shareholders. Acting on the directive, the list is now a major subject of conversation on X.

Elon Musk and His Crypto Backers

The order requiring Musk to reveal the names of his X backers came during a lawsuit brought by former employees.

These ex-workers want payment of arbitration fees incurred following the acquisition of the social media platform. The serial entrepreneur had earlier stated that revealing investors’ names is a violation of “routine practice and policy.” The federal judge still insisted that X Corp must unseal the list.

When Elon Musk made the bold move to buy the-then Twitter for $44 billion, he did it with the help of Binance. Another major Bitcoin proponent and actual X founder, Jack Dorsey, also participated in the round. It turns out these were not the only people on the list of investors.

There is Fidelity, Sequioa, Saudi Prince Alwaleed, Bill Ackman, Sean “Diddy” Combs and a long list of others. Since they made their investment in the social media platform, Elon Musk has grown the company, received licenses for X Payments in various states in the drive to become the “Everything App.”

X Backlashed For Censorship Challenge

On the flip side, X is facing ban threats from certain regions over censorship challenges. At the beginning of this week, Sandro Gozi, an Italian who was elected as an MEP in France, threatened to shut down X in Europe. His threat stems from Elon Musk’s failure to comply with the rules in the region. Gozi voiced this threat during an interview with news outlet La Repubblica.

The MEP was referring to his concerns about the censorship permissions of the free speech platform.

Meanwhile, the social media platform shut down its operations in Brazil a few days earlier for the same censorship challenge. In X’s defense, it claimed that Brazilian Supreme Court Justice Alexandre de Moraes threatened to detain one of the company’s representatives in if the platform did not abide by the orders to take down certain content.