Business

Elon Musk, Twitter, and his weird and wonderful family office

Elon Musk is rarely out of the headlines, and he hit them big this week with his acquisition of a sizable stake in the social media platform Twitter. The move is interesting as it shines some light on Musk’s family office, Excession, and how it might be poised to take a bigger role in Musk’s mega fortune.  

According to Securities and Exchange Commission filings, Musk bought a 9.3% stake in Twitter. But what’s interesting about the filing from a family office perspective is the address Musk used for the deal – that address, or at least the Zip code, corresponds to the same registered address of Excession in Austin, Texas. 

OK, Musk isn’t going to use his home address – after all, he is the wealthiest person in the world, according to Bloomberg. That said, it’s likely the deal to buy the stake went through Excession – and that deal, valued at shy of $3 billion, makes Excession one of the biggest dealmakers in the family office world. 

Beyond this, there are a couple of other things interesting about Excession. Firstly, its name, which Family Capital wrote about before, is linked to being a portal into another world. With Musk a big believer in interstellar existence for the human race, the name is entirely in tune with the entrepreneur’s mind. 

But, secondly, perhaps the most important thing about Excession is its managing director, Jared Birchall. The former wealth manager for several Wall Street banks is fast developing a big role in the Musk empire. So far, Birchall appears to be the only publicly known employee of Excession. Maybe like Bill Gates’s Cascade Investment, Excession keeps very quiet about its staff. 

But maybe not. Birchall might be Excession’s only senior member of staff – the ultimate consigliere for the world’s richest person. He’s certainly a fixer for Musk. Birchall’s name became more prominent when Musk got into a tussle with British caver Vernon Unsworth. The case is well covered in the media. 

Birchall’s name appears again as a manager for Horse Ranch, a company that last year bought some land around Tesla’s Austin Gigafactory. His name is also associated with Neuralink, a brain interface company owned by Musk, where he was listed as CEO, CFO, and president, although Birchall doesn’t list those responsibilities on his LinkedIn profile, which he keeps brief.  

Birchell is undoubtedly a close confidante of Musk, but equally, he’s unlikely to have much of a direct investment role. For the time being, that role appears to very much remain with Musk. 

How Excession evolves in the future remains to be seen, but with the Twitter deal and the vast dividends made by Musk’s businesses, the family office’s role is likely to grow – and grow substantially. 

 

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