The sovereign wealth fund invested $375 million in the billionaire’s acquisition of Twitter last year, which totalled $44 billion.
Twitter investor Qatar Investment Authority (QIA) said it “trusts” Elon Musk’s vision for the social media giant following his acquisition last year, the Gulf state’s sovereign wealth fund told Bloomberg on Monday.
“We engage with the management, with Elon in terms of the plan that he has for the company, and we believe in this, and we trust his leadership in terms of turning around the company,” QIA’s CEO Mansoor Al Mahmoud told the news agency on the sidelines of the World Economic Forum in Davos.
The sovereign wealth fund invested $375 million in Musk’s acquisition of Twitter last year, contributing to the total $44 billion.
The acquisition came after a long negotiation process that included Musk threatening to ditch the buyout deal over Twitter’s refusal to provide him with information on spam and bot accounts.
Musk then imposed content restrictions and temporarily blocked accounts of some well-known journalists, sparking debates worldwide.
He also fired more than half of the company’s staff and resurrected the account of former United States President Donald Trump, which was suspended in 2021 for inciting violence during the 6 January Capitol attack, in which several people died.
In another policy that was immediately reversed, Twitter said it would not allow tweets that link to other social media platforms as they would be deemed as “free promotion”.
“Going forward, there will be a vote for major policy changes. My apologies. Won’t happen again,” Musk tweeted at the time.
Last month, Musk said he would step down as Twitter CEO once he finds a replacement that is “foolish enough” after launching a poll on the platform asking whether he should resign.
Some 58% voted in favour of his resignation amid various doubts over his ability to lead the company since the takeover.