Twitter Backers’ Patience Repaid With $100 Billion SpaceX Stake

In the months after Elon Musk closed on his $44 billion purchase of Twitter Inc., there was a broad consensus that not only had he overpaid, but that he’d dragged some of the world’s best-known investors into a bad deal.

Now backers including Larry Ellison, Andreessen Horowitz and Bill Ackman’s charitable foundation stand to earn a nearly 200% return on their equity investment.

Oracle Corp. co-founder Larry Ellison

Photographer: David Paul Morris/Bloomberg

Through a series of favorable mergers, investors in the social-media platform now known as X own a stake in SpaceX that would be worth roughly $100 billion if the rocket, AI and media ...