Activist Investor Elliott Calls for AT&T Shakeup

Elliott Management discloses a $3.2 billion stake in AT&T and calls for a review of the company's portfolio. AT&T shares up 8% premarket.

Activist investor Elliott Management Corp. disclosed a $3.2 billion stake in AT&T Inc., criticized the company’s strategy and called on the telecommunications giant to shed unnecessary assets.

The New York fund wrote in a letter to the company released Monday that it would seek seats on the company’s board and challenged AT&T to sharpen its focus on its core assets, including its relatively healthy wireless business.

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