ISTANBUL: A company linked to the sons of Russian oligarchs has been found to be among the shareholders of the X social media platform owned by billionaire Elon Musk, raising questions about Moscow’s influence on the technology sector.
According to The Washington Post, X’s former investors and employees sued the company for not receiving their salaries, resulting in the disclosure of its shareholders to the public.
In July this year, lawyers for the nonprofit organization the Committee to Protect Press Freedom on behalf of independent tech journalist Jacob Silverman asked the court to disclose X’s shareholders. In response, the court ordered X to share the full list.
As part of the court order, X disclosed the names of around 100 shareholders. However, it said many of them represent different funds controlled by the same firm or individual.
The list includes many individuals and companies, including Jack Dorsey, the co-founder and former CEO of Twitter; Prince Al-Walid bin Talal bin Abdulaziz al-Saud, a m
ember of the Saudi royal family; 8VC, a venture capital firm founded by Joe Lonsdale, a co-founder of Palantir Technologies, a software company that collects and processes people’s data for use in intelligence; and investment firms such as Baron Opportunity Fund and Andreessen Horowitz.
Russian oligarchs and X
8VC is linked to the sons of Russian oligarchs Petr Olegovich Aven and Vadim Moshkovich, who played a role in Musk’s acquisition of Twitter.
Jack Moshkovich started working at 8VC in 2018 and Denis Aven in 2022.
They have been subjected to Western sanctions over their ties to Russia’s political elite.
According to Forbes magazine, 8VC invests in companies that fulfill contracts for the US Department of Defense and NATO.
But 8VC founder Lonsdale said that these family ties do not prevent them from participating in Western business ventures.
He noted that neither Jack nor Denis were involved in their fathers’ businesses or political dealings in Russia.
Questions of uncertainty
8VC’s involvement i
n Musk’s acquisition of Twitter, along with its Russian-linked staff, has been of interest amid investigations into Russia’s influence in global markets.
The presence of the sons of Russian oligarchs at a leading US venture capital firm raises questions about the extent of Russia’s influence in Western financial circles, particularly in the technology sector.
Under Western sanctions aimed at isolating Russian elites and restricting their access to Western financial networks, the presence of Aven and Moshkovich’s sons in a major American investment firm is, therefore, being questioned.
Following his purchase of X, Musk has become a controversial figure, expressing his political views more openly, backing former President Donald Trump in the US presidential election, targeting current President Joe Biden and clashing with the British, Australian and Venezuelan governments.
This new revelation about X in relation to Russia-linked financial support leads to further confusion, especially as Western countries s
eek to reduce the power and influence of Russian oligarchs.
Musk, who has claimed that the platform is a critical tool for freedom of expression, now faces potential scrutiny for his involvement with the interests of the Russian oligarchy, albeit indirectly.
Source: Anadolu Agency