Activist Elliott reportedly has a significant stake in Starbucks, in talks with management

Starbucks CEO Laxman Narasimhan is under pressure to turn around the company after disappointing quarterly results.

Elliott has taken a big stake in Starbucks, the Wall Street Journal reported, citing people familiar with the matter.

Representatives for Elliott did not return a request for comment. A Starbucks spokesperson said the company does not comment on rumors and speculation. Starbucks shares jumped 5% on the news. Starbucks contended with an activist effort from its own workers unions earlier this year. That effort, off the back of an organization effort that began in 2021, ended in a settlement. Conversations between management and labor are ongoing.

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