It appears that Elon Musk will get to keep a highly sought-after list of individuals and entities who’ve backed his vision of a super app under wraps, as per the latest court judgment delivered just moments ago.
We noted earlier this week that, on the 06th of June, Plaintiff Sarah Anoke had filed an administrative motion in the United States District Court of the Northern District of California, seeking the disclosure of the identity of the persons who invested in Elon Musk’s X Holdings Corp.
For the benefit of those who might be unaware, Elon Musk filed for Twitter’s merger with X Corporation on the 15th of March. Interestingly, X Corp. itself has a parent company bearing the name X Holdings Corporation and registered only in March 2023 with an authorized capital of $2 million. Musk remains the president of X Corp. and X Holdings Corp. These shell companies are meant to pave the way for an “everything app” on the pattern of Tencent Holdings’ WeChat super app.
This brings us to the crux of the matter. The court had ordered Twitter to file a supplemental form to disclose the identities of X Holdings Corporation shareholders. However, in response, Twitter filed another motion, seeking authorization to file the supplemental disclosure under seal.
As per the redacted portion of Twitter’s filings, there are supposedly 95 entities/investors in X Holdings Corporation, including individuals, private families, and trusts. In some cases, X Holdings Corporation has been mandated to keep the identities of its shareholders confidential.
The judge in Anoke v. Twitter just granted Twitter's motion to file its list of shareholders under seal. Twitter had previously argued that disclosing the shareholders "would result in injury" — raising the obvious question of who they are.https://t.co/rJtX31pc42
— Erin Woo (@erinkwoo) June 13, 2023
Judge Susan Illston wrote in today’s brief judgment:
“The Court has reviewed the parties’ briefing regarding defendants’ administrative motion to seal. The Court GRANTS the motion and orders that the unredacted statement shall be shared with petitioners’ counsel subject to the condition that petitioners and their counsel shall maintain the confidentiality of the statement.”
This means that Elon Musk will not be required to publicly disclose the identity of the individuals and entities who’ve backed his X Holdings Corporation initiative.