The stock rose as much as 8.2% after the Wall Street Journal first reported on the news.Ī representative for Elliott declined to comment. in New York on Wednesday, giving the company a market value of $11.2 billion. That would imply Elliott’s position is worth more than $878 million.ĭropbox rose 4.3% to $27.92 at 1:16 p.m. was the largest holder outside of Houston with a stake of just under 10% as of March 31, according to data compiled by Bloomberg. Talks between the parties are ongoing, the person said.
It is unclear what sort of changes the firm is seeking, or whether Elliott will seek seats on Dropbox’s board. The New York-based hedge fund, which is run by billionaire Paul Singer, has told the company it is its largest holder after Chief Executive Officer Drew Houston, the person said, asking not to be identified because the matter is private.
(Bloomberg) - Activist investor Elliott Investment Management has taken a stake in Dropbox Inc., and plans to push for changes at the software company, according to a person familiar with the matter.
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