在 Elon Musk 于 2022 年完成以 44 billion 美元收购 Twitter 之后，许多人认为他付得太多，还把一些知名支持者拖进了一桩糟糕的交易，但 X、xAI 和 SpaceX 近期的一连串合并，已大幅改善了 Larry Ellison、Andreessen Horowitz，以及 Bill Ackman 的慈善基金会等投资者的前景。Bloomberg 的计算显示，如今持有这家公司、现名为 X 的股权投资者，实际上拥有 SpaceX 的一部分股份；若 SpaceX 达到 2 trillion 美元的 IPO 估值，这部分股权可能价值约 100 billion 美元，意味著其最初股权投资的回报接近 200%。Twitter 投资者、Gerber Kawasaki 执行长 Ross Gerber 表示，这一结果显示 Musk 多么重视他的私人公司投资者，并指出同一批人持有 Musk 各项业务的股份。

Musk 在 2022 年 4 月因对审查、垃圾机器人以及管理层的不满持续数月后，首次提出收购 Twitter 的要约，之后又花了 6 个月试图退出交易，直到 Twitter 提告要求其履行。这笔收购最终以 44 billion 美元成交，其中约 33.5 billion 美元为股权，当中大部分由 Musk 出资，另外约 10 billion 美元来自新投资者与滚动股东，包括沙乌地王子 Alwaleed bin Talal、8VC、Sequoia Capital、Sean “Diddy” Combs 和 Jack Dorsey。不久之后，包括 Fidelity 在内的一些投资者将其持股估值调低至低于收购价，而 Musk 则裁掉约一半员工，包括大多数高管；随著广告走弱、用户成长停滞，X 也承接了约 13 billion 美元的债务。

价值回升主要来自 Musk 主导的交易，而非 X 核心业务的反转：在 2025 年 3 月，xAI 与 X 以 xAI 估值 80 billion 美元、X（含债务）估值 44 billion 美元的条件正式合并，而在 2 月 SpaceX 也被纳入该架构。SpaceX 此后已秘密提交 IPO 申请，可能在 6 月进行，估值将超过 2 trillion 美元，这将使它的规模大于除少数几家外的所有 S&P 500 公司，并且大于 Tesla。Alwaleed 表示，他持有的 SpaceX 股份如今价值超过 4 billion 美元，是其最初投资的 7 倍多；Bloomberg 估计，X 股东如今拥有更大企业约 5% 的股份；Gerber 预计，若 SpaceX 以目标估值定价，他的回报将约为投资的 2.5 到 3 倍，尽管他说 SpaceX 为了让 Twitter 和 xAI 投资者补足价值而被大幅稀释。

After Elon Musk completed his $44 billion purchase of Twitter in 2022, many thought he had overpaid and dragged prominent backers into a bad deal, but the latest mergers around X, xAI, and SpaceX have sharply improved the picture for investors such as Larry Ellison, Andreessen Horowitz, and Bill Ackman’s charitable foundation. Bloomberg calculations suggest that equity investors in the company now known as X effectively own a stake in SpaceX that could be worth about $100 billion if SpaceX reaches a $2 trillion IPO valuation, implying a nearly 200% return on their original equity investment. Ross Gerber, a Twitter investor and CEO of Gerber Kawasaki, said the outcome shows how much Musk prioritizes his private-company investors and noted that the same people hold stakes across Musk’s businesses.

Musk first bid for Twitter in April 2022 after months of complaints about censorship, spam bots, and leadership, then spent 6 months trying to exit the deal before Twitter sued to enforce it. The acquisition closed with a $44 billion price tag, including about $33.5 billion of equity, much of it funded by Musk plus roughly $10 billion from new investors and rolling shareholders such as Saudi Prince Alwaleed bin Talal, 8VC, Sequoia Capital, Sean “Diddy” Combs, and Jack Dorsey. Soon after, some investors including Fidelity marked their holdings below the purchase price, while Musk cut about half the staff, including most executives, and X also inherited about $13 billion of debt as advertising weakened and user growth stalled.

The value recovery has come mainly from Musk-directed transactions rather than a turnaround in X’s core business: in March 2025, xAI and X were formally combined at valuations of $80 billion for xAI and $44 billion for X including debt, and in February SpaceX was added to the structure. SpaceX has since confidentially filed for an IPO that could happen in June at more than a $2 trillion valuation, a level that would make it larger than all but a handful of S&P 500 companies and bigger than Tesla. Alwaleed says his SpaceX stake is now worth more than $4 billion, over 7 times his original investment, while Bloomberg estimates X shareholders now own about 5% of the broader enterprise; Gerber expects his return to be about 2.5 to 3 times his investment if SpaceX prices at the target level, though he says SpaceX was heavily diluted to make Twitter and xAI investors whole.