Jack Dorsey has sent his entire Twitter stake, worth nearly $1 billion at a buyout price of $54.20, to the private company he founded, which is now controlled by Elon Musk.

Regulatory filings show Dorsey, who was Twitter’s chief executive until late last year, transferred about 18 million shares of the privately held company, making him one of its largest shareholders.

The news came as Musk quickly put his mark on the platform, dismissal of senior managers including Dorsey’s successor, Parag Agrawal, who plans more widespread layoffs and ordering a reconstruct verification process.

The filing on Monday confirmed that Musk, who changed his public profile to “Chief Twit,” is Twitter’s current chief executive. It’s unclear whether he’ll pick someone to replace him, but he’s backed by a group of loyal lieutenants, including venture capitalist David Sachs and his personal attorney, Alex Spear, as he evaluates Twitter’s business.

Musk and Dorsey have long admired each other in a “bromance” that played a significant role in shaping the Tesla chief executive’s bid to buy the company.

In private messages revealed in court filings, Dorsey urged Musk to buy the platform, writing that it was always meant to be “an open source protocol funded by a foundation,” not a company. “It was original sin,” he said.

Dorsey also said he previously tried to get Musk on Twitter’s board of directors, but the directors refused because they were too “risk-averse,” calling them “terrible.”

Publicly, when the board of directors agreed to the takeover, Dorsey tweeted: “Elon is the only decision I trust. I trust his mission to expand the light of consciousness.” Dorsey left Twitter’s board of directors in May just weeks after the company announced a $44 billion sale to Musk.

According to the document, Dorsey and Musk “may be deemed to have formed a group” for the purposes of part of the document, a designation that indicates the pair worked together on the buyout.

Dorsey, however, “refuses[ed] the existence of any such group, and disclaims beneficial ownership of any shares of common stock owned by the beneficiaries [Musk]”, the statement says.

This year’s collapse in the share value of rivals Twitter, Snap and Meta Platforms likely means that the value of the shares of investors, including Musk, who is putting his former 9 percent stake in Twitter into the new private company, is a long way off. below the transaction price of $54.20 per share.

Dorsey is the co-founder of the financial technology company Block, where he is the chief executive officer. His stake in Block, formerly known as Square, is worth several billion dollars.

In addition, securities filings showed over the weekend that Saudi Arabia’s Prince Alwaleed bin Talal bin Abdulaziz transferred more than 35 million shares, or 3.5 percent of Twitter’s total public shares, to a new private company.

The position drew scrutiny from US politicians, including Chris Murphy, a US senator from Connecticut, who expressed concern over foreign ownership of the media company and called for an investigation into the national security implications.