That verse is not about Satan. That verse is about the King of Tyre as indicated by verse 12. Tyre was an ancient very famous and a very wealthy city in the ancient world. It would be in what is today presently Lebanon, so very close to Israel. The Bible and other historical records indicate the Tyrians were mostly merchants made very wealthy mostly for their product known as Tyrian Purple, a very very rare dye in the ancient world favored by the nobility of many different kingdoms. The Tyrians were racially Canaanites, specifically of the course of Sidon (son of Canaan, and also a city-state in its own right later on.) Sidon is also mentioned in this prophecy by Ezekiel in this chapter and the next few chapters.
The ultimate fate of Tyre was that the king of Babylon, Nebuchadnezzar, destroyed the land settlement of Tyre, but the Tyrians created a Tyre in the middle of the sea which escaped destruction (this is both in secular history as well as a prophecy the biblical book of Zechariah). In accordance to the prophecies, the Tyre in the sea would not escape destruction and the third beast king Alexander would eventually build a causeway to the Tyre in the sea and ultimately destroy it.