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This Secretive Investor’s Firm Just Dumped Half Its Firm’s Twitter Stock

Trading At The NYSE As U.S. Stocks Join Global SlideTrading At The NYSE As U.S. Stocks Join Global Slide
A monitor displays financial news about Twitter at the New York Stock Exchange (NYSE) in New York on Feb. 11.Photograph by Michael Nagle — Bloomberg via Getty Images

Rizvi Traverse Management, managed by secretive investor Suhail Rizvi, has halved its stake in Twitter (TWTR) and increased its holding in mobile payments company Square (SQ), regulatory filings showed on Friday.

When Twitter’s IPO was in the works, Suhail Rizvi quietly amassed a stake of more than 15% in the microblogging phenomenon for himself and his investors, Reuters reported.

Rizvi also played a role in convincing Kingdom Holding, Saudi Prince Alwaleed bin Talal’s investment company, to buy additional Twitter stock, Reuters reported in 2013.

His private-equity firm owned 1.4 million Twitter shares as of June 30, down 50% from March 31, according to a filing. That would give him a stake of about 0.2%, according to a Reuters calculation.

The firm’s stake in Square rose to 1.05 million Class A shares from about 44,000. That works out to a stake of about 0.3%. Both Twitter and Square are run by Jack Dorsey.

Twitter recently reported its slowest quarterly revenue growth since going public in 2013 as it struggles to attract users, while Square posted a big jump in revenue and a smaller loss.

Rizvi, once a dealmaker focused on Hollywood, is known for being super-secretive.

Reuters has reported that he once hired a person to scrub his picture from the internet.

Rizvi also owns stakes in Elon Musk-led SpaceX, Snapchat, Playboy and fitness device maker Jawbone and previously held a stake in Facebook (FB).