Activist investor Elliott Management owns a large stake in Dropbox (DBX.O) and has been holding private discussions with the file-sharing service provider for some time, a source familiar with the matter said on Wednesday.
The Dropbox app logo seen on a mobile phone in this illustration photo October 16, 2017. REUTERS/Thomas White/Illustrationand has been holding 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% 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. The company, which allows users to store documents, videos and photos online, listed its shares in March 2018 at $21 a share.On Wednesday Dropbox was trading at $28.11, having jumped as much as 7% on news that Elliott has a stake and is holding discussions with management.
The hedge fund invests roughly $40 billion and currently owns stakes in Duke Energy, where it has urged the company to consider splitting into three companies, and drugmaker GlaxoSmithKline.Subscribe for our daily curated newsletter to receive the latest exclusive Reuters coverage delivered to your inbox.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
WSJ News Exclusive | Elliott Management Holds Big Dropbox StakeThe activist hedge fund has told Dropbox it is the company’s largest shareholder after CEO Drew Houston, suggesting Elliott owns a stake of more than 10%.
Read more »
Britain’s Grosvenor Takes Minority Stake in Roland Mouret’s BusinessProperty giant Grosvenor Britain & Ireland is redefining the landlord relationship, taking a minority stake in one of its longstanding fashion tenants, Roland Mouret.
Read more »
AMC opens at all-time high, as investors shrug off hedge fund's stock saleShares of AMC surged to open at an all-time high, as investors shrug off hedge fund's stock sale
Read more »
Automatic Student Loan Forgiveness Could Be A Big Win For BorrowersAutomatic student loan forgiveness could be a big win for borrowers seeking relief.
Read more »
Chinese e-commerce titans embark on a spending spreeCompetition is spurring big internet companies to reinvest their plush profits | Business
Read more »