Elon Musk’s 2022 purchase of Twitter, now known as X, involved a complex web of financial backers, including some with surprising connections to Russia. While the acquisition, valued at $44 billion, has been scrutinized for its impact on the financial institutions involved, recent revelations have shed light on indirect ties to two Russian oligarchs closely linked to the Kremlin.
Musk’s deal, facilitated by various banks and investment firms, also drew support from multiple investors who are now shareholders in X Holdings Corp. A federal judge’s decision to unseal the shareholder list has revealed a number of notable backers. Among them are entities connected to rapper Sean “Diddy” Combs, venture capital firm Andreessen Horowitz, and Saudi Prince Alwaleed bin Talal al Saud.
One of the most intriguing entities on the list is 8VC, a venture capital firm co-founded by Joe Lonsdale, also a co-founder of Palantir. It turns out that 8VC employs Jack Moshkovich and Denis Aven, sons of sanctioned Russian oligarchs Vadim Moshkovich and Petr Aven. Petr Aven, president of Alfa Group, a major Russian conglomerate, and Vadim Moshkovich, founder of the agriculture giant Rusagro, have both faced sanctions from Western nations due to their ties to the Russian government. Although there is no direct evidence that these oligarchs have financial ties to 8VC, the connection has raised concerns.
In July 2024, the National Counterintelligence and Security Center issued a warning to Silicon Valley startups about the risks of foreign adversaries gaining access to sensitive data through investment firms. This warning has become particularly relevant given 8VC’s involvement with X.
Joe Lonsdale has publicly defended his decision to hire Denis Aven and Jack Moshkovich, praising their talents and downplaying their fathers’ controversial backgrounds. However, critics, particularly from Ukraine, view 8VC’s ties as further evidence of Musk’s questionable connections, especially in light of his actions that have affected the Ukrainian conflict.
As the U.S. government increases its scrutiny of foreign involvement in the tech industry, the revelations about the Russian ties in Musk’s acquisition of Twitter add another layer of complexity to the already controversial deal. The involvement of individuals linked to sanctioned Russian oligarchs continues to stir debate about the implications for national security and the broader geopolitical landscape.
geraldine ikyelleve