Elliott Management owns big Dropbox stake, holds discussions
Activist investor Elliott Management owns a large stake in Dropbox and has been holdin♎g private discussions with the file-sharing service provider for some time, a source familiar with the matter said on Wednesday.
The hedge fund owns a🐲 stake of more than 10 percent, which is valued at more than $800 million, the person said, declining to reveal the exact size of the investment.
Dropbox, which was co-founded by Drew Houston who is currently the company’s chief executive officer, is valued at roughly $11 billion. Tꦺhe company, which allows users𝓰 to store documents, videos and photos online, listed its shares in March 2018 at $21 a share.
A representative for Dropbox did not immediately resp𓄧ond to a request for 🥀comment.
On Wednesday, Dropbox was trading at $2🅷8.11, having jumped as much as 7 percent൩ on news that Elliott has a stake and is holding discussions with management.
The Wall Street Journal first reported the stake.
Elliott has previously worked with companies that were being l🍰ed by founders, including Twitter and SoftBank Group.
The hedge fund invests roughly $40 bill🅘ion and currently owns stakes in Duke Energ✤y, where it has urged the company to consider splitting into three companies, and drugmaker GlaxoSmithKline.