Elliot Management, an activist hedge fund that pushed for change at Twitter two years ago, exited its holding completely during Q2 of this year, after Elon Musk agreed a $44 billion takeover deal for the social media giant in April, according to a report by The Financial Times.

Twitter's shares jumped dramatically following news of the deal, trading as high as $51.70 at one point in late April, but fell sharply to $37.39 on 30 June when Musk attempted to withdraw from the acquisition. Twitter stock closed at $44.50 on Monday of this week.

The report cites a regulatory filing made on Monday as revealing that by 30 June, Elliot had completely sold down its holding of common stock in the business, which at 31 March stood at 10 million shares with a value of £387 million.

Other investors to have cut their holdings in Twitter include DE Shaw & Company which held 932,716 shares at the end of the Q2 having selling 3.7 million shares during the quarter, and Balyasny Asset Management, which sold 1.3 million shares over the same period to own 172,821. SRS Investment Management sold seven million shares to own 125,226 shares on 30 June.