oligarchs

On October 27, 2022, the world’s richest man bought the de facto global town square. Elon Musk‘s purchase of Twitter had been brewing since April when the South African-born tech magnate first offered (or threatened?) to take over the struggling social network to the tune of $44 billion.

He later tried to reneg on the deal, or at least made a big public show of trying to back out of it during the summer of 2022, claiming that Twitter had falsely represented the percentage of bot accounts on the platform. Company executives filed suit to force Musk to agree to the share price in his original offer — despite significant stock price losses due largely to Musk’s own disparagement of the site.

Forced to go through with the deal despite admittedly “overpaying for Twitter right now,” Musk and his set of investor backers took the company private and began an uncertain new era for the heretofore arguably closest thing to a public town square in all of history, with the Tesla and SpaceX entrepreneur at the helm. A self-proclaimed “free speech absolutist,” the billionaire immediately began pronouncing ideas wildly unpopular with its power user base of journalists, academics, and public professionals of all stripes, including:

Who actually owns Twitter now?

Amidst the chaos of Musk’s first weeks of ownership, many inside and outside of Twitter have speculated on the potential ulterior motives of the tech oligarch’s purchase. Theories range from intentional sabotage to gross incompetence — or potentially some mixture of the two. There is widespread disparagement of the idea that a billionaire can simply step in and upend what passed for a fledgling tool of democratic influence, and a bulwark against the march of right-wing authoritarianism around the world.

But who actually owns Twitter, outside of Musk himself? Perhaps the laundry list of investors can now or in the future shed some light on probable strategies behind the massive shakeup at one of the world’s most popular tools for the media-industrial class. Given the company’s privatization, it is now far less transparent about its financials — and it will be difficult to know at any moment in time if given investors have come in or out, or increased or decreased their holdings via their relationships with Musk or intermediaries.

As it stands though, this is the list of Twitter backers I have so far been able to find. Do you know of others I’ve missed, or changes to relative holdings? Please do give me a shout over — where else — on Twitter (while it stands — else on Mastodon) and let me know!

Twitter owners list

  • The number one primary owner is Elon Musk himself, who already owned 9.6% in shares of the company before taking it over. During the sale he put in $27 billion in cash from his own fortune, liquidated by selling shares of his Tesla stock
  • Original co-founder and CEO Jack Dorsey owned 2.4% in shares and kept them, for about a $1B stake
  • Larry Ellison of Oracle — $1B
  • Qatar Holding, part of the Qatar sovereign wealth fund (Qatar Investment Authority)
  • Prince Alwaleed bin Talal of Saudi Arabia — transferred 35 million shares to Musk (about $1.9B according to Dave Troy)
  • Binance cryptocurrency exchange — $500M
  • $13B in bank loans from:
    • Morgan Stanley — $3.5B
    • Bank of America
    • Barclays
    • Japanese banks
      • Mitsubishi UFJ Financial Group
      • Mizuho
    • French banks
      • Societe Generale
      • BNP Paribas
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The Founders meant for the republic to be agile in philosophy — always changing to meet the new demands of the next generations. They meant for us to be self-governing, and empowered to create policy for problem-solving in new eras they themselves could not even conceive of. Thomas Jefferson wrote forewarningly of the Dead Hand of the Past and how critical it would be to not remain trapped by it. The Founders were agile not in the sense of software development (obviously!), but in the same spirit: they embraced responding to change over following a plan, and in continuously uncovering ways to develop a more perfect union.

Conservative ideology on the other hand — and in particular, Originalism — flouts the actual intentions of the Framers while cloaking itself in nationalist symbology. It tries to claim that our modern hands are tied by the dead ones of the past. The Originalist doctrine currently holding sway at The Supreme Court, The Federalist Society, and the majority of right-wing judiciary maintains that the best we can do is peer feebly into the distant past and try our best to squeeze ourselves into the minds of the men who inked our Constitution some 235 years ago.

The Founders wrote things. A lot of things.

Leaving aside for a moment the impracticality of that theory as an actual practice of interpreting the law, some consideration of materials on hand shows us that we needn’t go to all that trouble in the first place — why? Because the Founders left a lot of writings behind about exactly what they meant, and the principles they were thinking about, at the time of the nation’s founding and the drafting of our Constitution.

Continue reading The Founders were agile
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Or capital vs. labor, oligarchs vs. plebes, plutocrats vs. proles, rich vs. poor — however you want to narrate it, the property vs. people struggle continues on in new and old ways, each and ere day.

Here in America, the plutocrats have devised many clever methods of hiding the class struggle behind a race war smokescreen, that is both real and manufactured — instigated, exacerbated, agitated by the likes of schlubby wife abusers like Sloppy Steve Bannon, wrinkly old Palpatines like Rupert Murdoch, and shady kleptocrats like Trump and Putin.

The United States has nursed an underground Confederacy slow burning for centuries, for sociopathic demagogues to tap into and rekindle for cheap and dangerous political power. Like The Terminator, racist and supremacist troglodytes seem always to reconstitute themselves into strange and twisted new forms, from slavery to the Black Codes to sharecropping to convict leasing to Jim Crow to Jim Crow 2.0 — the psychopaths want their homeland.

The political left loves people, and our extremists for the most part destroy capital or property that insurance companies will pay to make shiny and new again — unlike the right wing extremists who bomb federal buildings, killing hundreds of people and costing taxpayers’ money to replace.

Meanwhile, the right wing claims to be the righteous party for its extreme fixation on life before birth, yet its regulation-allergic capitalists destroy people and the natural world more broadly, from factory farming to deforestation, the destruction of habitats, strip-mining and other toxic extraction practices, and on into climate change itself. Being in fact the chief architects of manmade atmospheric devastation, they have managed to make themselves invisible from the deed by simply (wink wink!) denying it exists.

WWJD?!

Certainly, not anything the Republican Party is up to. Jesus would be sad.

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It’s been said that the devilish ways of pedophiliac liberal Democrats are killing Christianity in America, but the numbers tell a different story. Following the 2016 Armistice in the War on Christmas, Donald Trump yet managed to drive 1 in 7 Evangelicals from the fold, according to data from Pew and PRRI.

Far from the surge in True Believers prophesied by the right wing, the religious right’s deal with the proverbial and/or literal devil seems to have driven members away. Trump is losing Evangelicals, and really — should we be so shocked? If it doesn’t matter (to some) whether our leaders are serial philanderers and lifelong business cheats, or earnestly striving public servants spreading compassion — what use is their moral code, then? None. It is bankrupt.

ShrΓΆdinger’s Moral Leadership

The religious right can’t have it both ways — either moral leadership is important, or it isn’t. It can’t selectively be important *only* when a Democrat is in power. Evangelicals also need to make a choice between God and Caesar. Prosperity gospel is the latter and not the former, but many pretend otherwise or are fooled — after all, fool’s gold can still fool.

Cognitive dissonance upon dissonance continues to fall in the totally unraked forest of right-wing values. I’m aiming to continue pulling on a few threads connecting the religious right, and Evangelicals in particular, to the rise of political extremism in the Republican Party:

  • The pitch that winning the culture war is more important than God’s law is thin at best
  • Donald Trump is not a Christian
  • The “imperfect vessel” fails as moral justification
  • Jesus didn’t care about tax cuts
  • Christian leaders’ claims that politics is amoral ground beyond the reach of God’s teachings is self-evident nonsense
  • Christians are leaving their own moral house unguarded. No one is showing the living proof of Jesus’ teachings anymore — and it’s not the fault of the people on the left who weren’t doing it before.
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