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Elon Musk, who is still one of the world's wealthiest investors and a skilled negotiator, recruited some of the largest cryptocurrency investors for his social media company, X Corp. In response to a Federal Judge's order earlier this week, the company disclosed the identities of its stockholders. Following the instruction, the list has been a hot topic of discussion on X.
Elon Musk and His Supporters in Crypto
Musk was ordered to disclose the identities of his X backers in the course of a lawsuit filed by former workers.
The arbitration fees these former employees suffered after the social networking site was acquired are what they want paid. The serial business owner had previously said that it is against "routine practice and policy" to disclose the identities of investors. Even still, the federal judge maintained that X Corp had to make the list public.
Binance assisted Elon Musk in his audacious decision to pay $44 billion buying the then-Twitter. Jack Dorsey, the real X founder and another prominent supporter of Bitcoin, took part in the round as well. As it happens, there were other individuals on the list of investors.
Along with a large list of others, there is Fidelity, Sequioa, Bill Ackman, Sean "Diddy" Combs, and Saudi Prince Alwaleed. Elon Musk has expanded the business since investing in the social media platform and obtained licenses for X Payments in multiple states as part of his goal to become the "Everything App."
X Was Blamed for the Censorship Issue
Conversely, because of censorship issues, some jurisdictions are threatening to prohibit X. Sandro Gozi, an Italian elected to the French legislature, vowed to shut down X in Europe at the start of this week. Elon Musk's disregard for local regulations is the source of his threat. Gozi made this warning in an interview with La Repubblica, a news source.
he MEP was expressing his worries regarding the free speech platform's censoring permissions.
A few days prior, the social networking platform had closed down its operations in Brazil due to the same censoring issue. X argued in its defense that if the platform disobeyed the orders to remove specific content, Justice Alexandre de Moraes of the Brazilian Supreme Court would detain one of the company's representatives.