An investment fund linked to the sons of Russian oligarchs Petr Aven and Vadim Moshkovich played a role in helping Elon Musk acquire Twitter, now rebranded as X.
This revelation comes from a court document from the U.S. District Court for the Northern District of California, as reported by The Washington Post.
In 2022, Musk finalised the purchase of Twitter for a staggering $44 billion, aided by a variety of financial institutions, banks, and funds. Among the investors identified in 2024 through court-mandated disclosures, the venture capital firm 8VC stands out as one of the 100 largest backers of the acquisition. 8VC, a U.S.-based fund, includes among its personnel the sons of Russian oligarchs Aven and Moshkovich, both of whom have been the subject of Western sanctions due to their associations with Russia’s political elite. According to Forbes 8VC invests in companies that fulfil contracts for the U.S. Department of Defence and NATO.
The Key Figures Behind 8VC
Vadim Moshkovich and Petr Aven are both prominent figures in Russia’s business and political landscape. Moshkovich made his fortune in Russia’s agricultural sector, founding Rusagro, one of the nation’s largest agribusiness companies. He also served in the Federation Council, the upper chamber of the Russian parliament, from 2006 to 2014. However, his ties to the Russian government have made him a target of sanctions by the European Union, which were imposed in response to Russia’s war in Ukraine.
Petr Aven, another prominent oligarch, is the president of Alfa Group, one of Russia’s largest financial and industrial consortia. Like Moshkovich, Aven has been targeted by Western sanctions, due to his close relationship with the Russian regime.
Both of their sons, Jack Moshkovich and Denis Aven, have found success in the United States, working for 8VC despite their fathers’ connections to the Russian elite. According to Forbes, Jack Moshkovich joined the venture capital fund in 2018, after which he obtained permanent residency in the U.S. in 2024. Denis Aven joined the fund in 2022, after initially facing difficulties in securing employment due to his father’s inclusion on Western sanctions lists.
A Controversial Partnership
Joe Lonsdale, the founder of 8VC, defended his decision to hire both Jack Moshkovich and Denis Aven, emphasising that they were hired based on their professional abilities and not their familial ties. Lonsdale stated that despite their fathers’ controversial backgrounds, neither Jack nor Denis is involved in their fathers’ businesses or political affairs in Russia.
Lonsdale elaborated on this in a post on X (formerly Twitter), explaining that Jack Moshkovich had no involvement in his father’s agricultural empire. He suggested that even oligarchs in Russia must sometimes interact with the government, regardless of their personal views, due to the nature of doing business in the country.
He also addressed the controversy surrounding Denis Aven’s employment, revealing that Denis had initially planned to work for a private firm, but that firm withdrew its offer after discovering his father’s sanctions status. Lonsdale, after consulting with his mentors and reflecting on his long-term relationship with Jack, decided to hire Denis despite these concerns.
In defending his hiring practices, Lonsdale described Jack Moshkovich as a “superstar” and expressed confidence in Denis’s abilities as well. According to Lonsdale, both young men have built their careers independently of their fathers’ controversial legacies in Russia.
After it came out that I’m supporting Trump this election, it was no surprise to be attacked by lefty journalists on multiple topics. The far-left Rolling Stone’s hit piece on me a few days ago based on our policy org Cicero’s success – we’re helping several states reduce…
— Joe Lonsdale (@JTLonsdale) August 16, 2024
Sanctions and the Impact on Business
The presence of Jack Moshkovich and Denis Aven in a prominent American investment fund raises questions about the extent of Russian influence in Western financial circles, particularly in the technology sector. Both young men are connected to oligarchs who have been sanctioned due to Russia’s ongoing war in Ukraine, a conflict that has strained relations between Russia and the West and resulted in numerous economic restrictions against Russian individuals and businesses.
However, as Lonsdale’s statements suggest, these familial connections do not necessarily disqualify individuals from participating in Western business ventures. Lonsdale’s defence rests on the argument that individuals should be judged on their own merits and not solely on the actions of their relatives.
The Bigger Picture
The involvement of 8VC, with its Russian-linked personnel, in Elon Musk’s acquisition of Twitter has sparked interest due to the increasing scrutiny of Russian influence in global markets. In light of Western sanctions, which aim to isolate Russian elites and limit their access to Western financial networks, the presence of Aven’s and Moshkovich’s sons in a major American investment firm raises ethical and geopolitical questions.
The Musk-Twitter deal itself was a major business story, with Musk’s controversial leadership of the platform and his sweeping changes making headlines worldwide. However, this new revelation about Russian-linked financial backing adds another layer of complexity, especially as Western nations seek to curtail the power and influence of Russian oligarchs.
Musk, who has claimed the platform as a critical tool for free speech, now faces potential scrutiny for his association, however indirect, with Russian oligarchic interests.
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