Kremlin Cash Behind Billionaire’s Twitter and Facebook Investments

The following article by Jesse Drucker was posted on the New York Times website November 5, 2017:

Leaked files show that a state-controlled bank in Moscow helped to fuel Yuri Milner’s ascent in Silicon Valley, where the Russia investigation has put tech companies under scrutiny.

Yuri Milner, right, speaks next to Facebook CEO Mark Zuckerberg at an announcement for the Breakthrough Prize in Life Sciences at Genentech Hall on UCSF’s Mission Bay campus in San Francisco, Wednesday, Feb. 20, 2013. (AP Photo/Jeff Chiu)

In the fall of 2010, the Russian billionaire investor Yuri Milner took the stage for a Q. and A. at a technology conference in San Francisco. Mr. Milner, whose holdings have included major stakes in Facebook and Twitter, is known for expounding on everything from the future of social media to the frontiers of space travel. But when someone asked a question that had swirled around his Silicon Valley ascent — Who were his investors? — he did not answer, turning repeatedly to the moderator with a look of incomprehension.

Now, leaked documents examined by The New York Times offer a partial answer: Behind Mr. Milner’s investments in Facebook and Twitter were hundreds of millions of dollars from the Kremlin.

Obscured by a maze of offshore shell companies, the Twitter investment was backed by VTB, a Russian state-controlled bank often used for politically strategic deals. Continue reading “Kremlin Cash Behind Billionaire’s Twitter and Facebook Investments”