Elliott Management, the $56 billion hedge fund that pushed for mega changes at Twitter two years ago, exited the stock during the second quarter, soon after Tesla CEO Elon Musk announced plans to buy the social media company, a regulatory filing showed.

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As of June 30, according to a securities filing, Elliott held no common stock in Twitter, down from 10 million shares, or $387 million on March 31. On April 14, Elon Musk made a cash proposal to purchase Twitter at $54.20 per share. The company accepted the offer less than two weeks later.

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Twitter’s stock price soared to $51.70 in April before plummeting to $37.39 on June 30 after Musk attempted to back out of the deal. Elliott Management, the hedge fund led by billionaire Paul Singer, which had remained silent about Musk’s takeover offer, contributed to Twitter’s direction and leadership before exiting its stake.

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Elliott acquired a significant stake in Twitter in 2020 and joined private equity firm Silver Lake in a $1 billion convertible debt offering, which Twitter used to repurchase shares. Along with Silver Lake co-CEO Egon Durban, Jesse Cohn, a partner at Elliott who manages the company’s technology investments, joined Twitter’s board.

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Elliott and Silver Lake helped build up succession plans for Twitter co-founder and CEO Jack Dorsey as part of their investment, according to Reuters. Cohn resigned from Twitter’s board of directors in June 2021, although Silver Lake’s Durban held his position. Elliott remained a significant stakeholder, backing the company’s selection of Parag Agrawal to succeed Dorsey last November.

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Musk announced his exit from Twitter in July, accusing the company of releasing “false and misleading” information on the amount of fraudulent and spam accounts on the social media network. To enforce the agreement, Twitter sued Musk. In October, a trial is scheduled in a Delaware court.

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Other notable investors have also reduced their stake in Twitter. D.E. Shaw & Company held 932,716 shares at the end of the second quarter after selling 3.7 million shares. Balyasny Asset Management had sold 1.3 million shares to own 172,821 shares, while SRS Investment Management had sold 7 million shares to own 125,226 shares on June 30, according to Reuters.

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Several companies purchased stakes in Twitter as well, according to Reuters. Pentwater Capital and Segantii Capital Management placed additional bets to buy 18 million and 7.3 million shares, respectively. Citadel Advisors LLC increased their holdings by 3.3 million shares to 4 million.