Activist investor Elliott Management sold its equity stake in Twitter during the second quarter, coinciding with a period in which the social media company’s share price fluctuated due to a takeover bid from billionaire Elon Musk.

A Securities and Exchange (SEC) filing showed Elliott Management sold its common stock in Twitter as of 30 June, along with cutting its other exposure to the company including call options on 2 million additional shares.

As of 31 March, Elliott Management held 10 million shares in Twitter.

The company’s share price rose dramatically in April when it agreed to the Musk-fronted takeover deal for $54.20 a share.

Financial Times data shows Twitter’s share price rose to $51.70 in late April, before dropping to $37.39 on 30 June as Musk pulled out from the deal.

Elliott Management was one of Twitter’s largest shareholders and had a big influence in shaking up the business, as it has done with other telecoms and technology companies.

Notable moves included a push to remove Jack Dorsey as CEO, naming its partner Jesse Cohn on the social media company’s board and helping to launch a subscription-based product dubbed Twitter Blue.

The after-effects of the takeover saga are ongoing, with the billionaire and Twitter now embroiled in a legal battle as the company attempts to force Musk to make good on the deal.

A trial is scheduled to begin in October.