A U.S. district judge ordered Elon Musk to disclose the identities of X’s shareholders, a company previously known as Twitter. The decision was made after journalist Jacob Silverman managed to get involved in another legal proceeding stressing that the public has a right to know who controls such an important platform. The court order requires Musk to disclose this information by September 4, the first time the list of the main equity owners will be disclosed.
Elon Musk Must Disclose X Stakeholders
This legal development was made possible by the intervention of Jacob Silverman, a journalist and an author who is not a party to the case. He stated that it is important to know who owns X due to its impact on public opinion and discourse. The judge found that Silverman’s intervention was appropriate and did not cause any delay or adverse effect to any parties.
Silverman has been vocal about Musk’s possible political and foreign agenda in acquiring Twitter. He has complained about Musk’s platform management, alleging that the entrepreneur uses it to promote his political views. According to Silverman, disclosing the shareholders will help determine if foreign entities have a material interest in X and its business and/or policy-making.
The judge stated that revealing the identity of Twitter shareholders is in the public interest and does not threaten anybody’s privacy. United States District Judge Susan Illston noted that the list of shareholders does not include trade secrets or scandalous information. Consequently, the court did not see any justification for maintaining the confidentiality of the information, especially since the platform influenced the public discourse.
This decision is consistent with the general concerns regarding corporate governance, especially in companies with a strong societal position. The ruling highlighted that it is crucial to determine who wields the power in such corporations, particularly when their actions can affect democracy and free speech. The court held that the obligation to disclose the shareholders imposed on Musk was reasonable and proportional to the circumstances of the case.
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Source: https://www.cryptonewsz.com/musk-ordered-to-disclose-x-shareholders/