Elliott Investment Management

Elliott Investment Management L.P.

Company type	Private
Industry	Investment management, Hedge fund
Founded	1977 (1977)
Founder	Paul Singer
Headquarters	West Palm Beach , United States
Area served	Worldwide
Key people	Paul Singer (co-CEO), Jonathan Pollock (co-CEO)
Products	Hedge funds, activist investing, distressed securities, private equity
Number of employees	570 (2024)

Elliott Investment Management L.P. ranks among the foremost American investment management firms and stands as one of the world's largest activist investment funds. It functions as the managing affiliate for hedge funds Elliott Associates L.P. and Elliott International Limited. Established in 1977 by entrepreneur and business executive Paul Singer, who continues to serve as co-CEO, the company relocated its headquarters from New York City to West Palm Beach, Florida in 2020.

The firm’s expertise lies in hedge fund approaches such as distressed securities, private equity, and activist investing, overseeing assets totaling roughly US$71 billion as of 2022. By 2009, distressed debt from companies facing bankruptcy or financial distress accounted for over one-third of its portfolio, underscoring its proficiency in handling intricate financial restructurings.

With a workforce of approximately 482 employees, Elliott operates through various subsidiaries including Evergreen Coast Capital Corp., Waterstones, Elliott Advisors, NML Capital, and Premier Asset Management. Its operational strategy centers on leading activist initiatives and making focused investments aimed at enhancing value and fostering business expansion.

In 2020, Elliott reported revenues of US$115 million, reflecting strong financial results within the investment management sector. The organization’s leadership team features co-CEOs Paul Singer and Jonathan Pollock, who oversee global operations and strategic planning. Elliott’s significant market presence is attributed to its activist investment style, broad portfolio diversification, and recognized leadership in distressed asset markets.

Overview

In January 1977, Paul Singer launched Elliott Associates with an initial capital of $1.3 million sourced from friends and family, naming the firm after his middle name. The firm's original focus was on convertible arbitrage, but it transitioned into a multi-strategy hedge fund following the stock market crash of 1987 and the recession in the early 1990s. Elliott Associates manages $8.6 billion and serves as the principal domestic fund for Elliott Management.

By mid-2024, Elliott had expanded to employ 570 professionals across its New York City headquarters and offices located in London, Tokyo, and Hong Kong. It is recognized as one of the longest-standing hedge funds under continuous management and currently does not accept new investors.

In a November 2014 investor letter, Elliott voiced concerns regarding U.S. economic growth prospects, cautioning that dependence on artificial economic indicators might precipitate abrupt market downturns.

The firm received an A rating and was ranked ninth among global hedge funds in Institutional Investor/Alpha’s 2015 evaluation.

A 2018 profile in The New Yorker emphasized Elliott’s formidable standing within the industry, citing a CEO of a targeted company who described the firm’s market influence as intimidating.

Equity partners

Elliott Management comprises seven equity partners. The co-chief investment officers are Paul Singer and Jonathan Pollock, while Gordon Singer—Paul Singer’s son—oversees operations at the London office. Steven Kasoff, a former senior portfolio manager who became an equity partner in 2015, retired in April 2020. Additional equity partners include Steve Cohen, Dave Miller, Jesse Cohn, and Zion Shohet (as of November 2020).

Affiliates and subsidiaries

• Hambledon, Inc., a corporation incorporated in the Cayman Islands under Singer's control.
• NML Capital Limited, operating as a subsidiary of Elliott Management.
• Kensington International Ltd., another entity owned by Elliott.
• Maidenhead LLC and Warrington LLC, U.S.-based companies overseen by Singer.
• Elliott Advisors (UK) Ltd., serving as Elliott’s advisory firm located in London.
• Elliott Advisors (HK) Limited, the firm’s branch based in Hong Kong.
• Manchester Securities Corporation.

Initial focus

Elliott initially concentrated on convertible arbitrage strategies but transitioned predominantly to distressed debt investments following the 1987 stock market crash and the early 1990s economic downturn. The firm gained recognition for restructuring prominent American corporations such as Trans World Airlines, MCI, WorldCom, and Enron, as well as international companies like Telecom Italia SpA and Elektrim.

Twitter

In February 2020, Elliott Management acquired approximately $2 billion worth of Twitter shares and placed three nominees on the company’s board. It was reported that founder Paul Singer intended to replace CEO Jack Dorsey, expressing concerns over Dorsey’s simultaneous leadership of Twitter and Square alongside his rumored relocation plans. After Twitter’s stock price rose nearly 95% during 2020, Elliott’s appointed directors planned their resignation in April 2021. The firm had purchased shares near $36 each and exited its position in June 2022 following Elon Musk’s tender offer, realizing gains around 33% with share prices ranging from $45 to $50.

Wella AG

In 2003, Elliott contested Procter & Gamble’s bid for the German haircare company Wella AG, arguing that the offer undervalued preferred shareholders. Collaborating with other investors such as Germany’s Deka Investments, Elliott engaged in legal proceedings and shareholder activism that prompted P&G to increase its proposal. Elliott emphasized its goal was to safeguard minority shareholders’ interests.

Shopko

In April 2005, Shopko, a Wisconsin-based retail chain, agreed to a roughly $1 billion acquisition by a private equity group at $24 per share. Subsequent bids of $25 and $26.50 were declined after dissenting shareholders, including hedge fund Elliott, opposed the transaction citing undervaluation and conflicts of interest within the board. Ultimately, Elliott participated in the acquisition at $29 per share.

Adecco

In January 2006, human resources consultancy Adecco purchased a 35% stake in DIS AG at €54.5 per share with intentions to acquire all outstanding shares. DIS’s CEO and CFO entered into management agreements to join Adecco’s executive team, raising concerns about conflicts of interest among hedge funds like Elliott. Initial court rulings blocked Adecco’s efforts to delist DIS; however, the company later succeeded by offering €113 per share.

Novell

In March 2010, Elliott proposed a $5.75 per share offer for software firm Novell. Although Novell declined the proposal, Elliott supported management’s decision to seek alternative buyers.

Vinashin

In December 2011, Elliott initiated legal action against Vietnamese shipbuilder Vinashin in a UK court after the company defaulted on a $600 million government-guaranteed loan and proposed repaying bondholders only 35 cents on the dollar. Elliott pursued full repayment but withdrew the lawsuit in April 2012.

Compuware

By the end of 2012, Elliott, which owned an 8% share in Compuware, proposed a cash acquisition offer at $11 per share.

Hess Corporation

Towards the close of 2012, Elliott publicly criticized Hess for ineffective capital management and losing focus on its primary oil exploration and production activities. In January 2013, Elliott advocated for asset sales and the replacement of five board members to boost shareholder returns. Elliott emphasized Hess's strong potential centered on its resource assets.

By March of that year, Hess implemented some of Elliott’s suggestions but did not fully meet their expectations. In April, Hess announced it would shut down its London office, aligning with Elliott’s advice. Since 2013, Hess has been regarded by Elliott as a "top pick"; by the fourth quarter of 2014, Elliott held 17.8 million shares valued at $1.3 billion, marking it as their largest holding.

Sanko Steamship

In late 2013, Elliott took control over the bankrupt Japanese shipping company Sanko, closing most international offices and liquidating assets and ship equity. On 1 April 2012, Sanko operated or owned a fleet totaling 185 vessels, including 46 tankers and 27 dry bulk carriers. By early 2019, the fleet had dwindled to only five bulk carriers. In March 2024, Sanko announced plans to sell its final vessel and exit ship ownership after nine decades in the industry.

Interpublic Group

During the summer of 2014, Elliott revealed a 6.7% stake in The Interpublic Group of Companies, a holding firm for advertising agencies, reportedly encouraging a sale to a competitor.

Pernod Ricard

In December 2018, Elliott acquired a 2.5% ownership interest in Pernod Ricard.

Sigfox

Elliott is among the investors supporting Sigfox, a cellular network provider active in France, Spain, the UK, and the Netherlands, facilitating expansion in Internet of Things connectivity.

Solar projects in UK

In February 2015, Elliott Advisors (UK) Limited invested in several undisclosed solar energy projects across the UK while simultaneously shorting five renewable energy funds listed on the London Stock Exchange as a hedging strategy.

Comcast

In September 2015, Elliott purchased approximately 1.94 million shares of Comcast, a Philadelphia-based mass media corporation, at an average cost of $58.68 per share, representing about 1.65% of their portfolio allocation.

CDK Global LLC

Elliott acquired a 4% stake in CDK Global in May 2015 and increased its holding to 5.4% by September 2016, becoming the third-largest shareholder. On 4 May 2016, Elliott urged CDK’s Board to adopt strategies aimed at operational optimization and enhancing shareholder value. By 8 June 2016, Elliott called for immediate implementation of this Value-Maximizing Plan, citing strong backing from shareholders.

Telecom Italia

In May 2018, Elliott Management gained control over Telecom Italia by securing two-thirds of board positions, thereby exerting substantial influence on the company’s strategic decisions.

Samsung

In 2015, Elliott opposed Samsung’s proposal for one division to acquire its construction business for $8 billion. Despite this opposition, the transaction proceeded and Elliott subsequently exited its stake. Two years later, Samsung’s acting chairman Jay Lee was convicted of bribery connected to this deal.

Cabela's

In October 2015, Elliott revealed ownership of an 11.1% share in Cabela's, with intentions to engage the board regarding strategic alternatives, including a possible sale. After Bass Pro Shops completed the acquisition, Elliott was criticized for the significant layoffs at Cabela's headquarters in Sidney, Nebraska, underscoring difficulties encountered during post-merger integration.

PulteGroup

By July 2016, Elliott, possessing a 4.7% interest in homebuilder PulteGroup, successfully influenced the company to appoint three additional board members, scale back investments in new land acquisitions, and launch a share repurchase initiative.

Alcoa

Following Elliott’s acquisition of a substantial stake in Alcoa (currently Arconic), which secured three seats on its board, the firm spearheaded a restructuring effort that ultimately yielded a 104% return upon exit.

athenahealth

Between 2017 and 2018, Elliott exerted pressure on athenahealth to undertake significant cost reductions, culminating in the departure of co-founder Jonathan S. Bush.

AT&T

In September 2019, Elliott Management disclosed a $3.2 billion investment representing a 1.2% equity position in AT&T, accompanied by an activist letter outlining strategic opportunities to enhance shareholder value for the telecommunications company.

JW Marriott Desert Ridge Resort & Spa

Also during September 2019, Elliott collaborated with Trinity Real Estate Investments LLC to acquire the JW Marriott Desert Ridge Resort & Spa, recognized as the largest resort in Phoenix.

Energy Future Holdings

As of August 2017, Elliott held sufficient debt positions in Energy Future Holdings to obstruct Berkshire Hathaway’s proposed takeover bid intended to rescue the financially distressed energy company.

Mentor Graphics Corp.

In 2017, Elliott acquired a 9% stake in Mentor Graphics and advocated for its acquisition by Siemens, resulting in a profit of 68%.

NXP Semiconductors NV

In November 2017, Elliott joined forces with UBS Group AG to raise the offer price for NXP Semiconductors amid Qualcomm’s ongoing acquisition attempt.

Oncor Electric Delivery

Elliott owned $1.8 billion in debt linked to Texas-based utility Oncor Electric Delivery and opposed Berkshire Hathaway’s acquisition proposal in August 2017.

Akzo Nobel

During August 2017, Elliott became the largest shareholder of Dutch chemical company Akzo Nobel, holding a 9% stake amid a takeover contest involving PPG Industries. The firm advocated for negotiations and legal measures to remove chairman Antony Burgmans, ultimately resolving the dispute.

Waterstones

Elliott secured majority ownership of UK bookstore chain Waterstones in April 2018 and completed the transaction by May while maintaining James Daunt as CEO.

AC Milan

In July 2018, Elliott Management assumed control of Italian football club AC Milan after former owner Li Yonghong defaulted on €415 million of debt. Elliott restructured the board and injected €50 million in equity to stabilize the club’s finances. In June 2022, RedBird Capital Partners agreed to purchase AC Milan from Elliott for €1.2 billion.

Barnes & Noble

On June 7, 2019, Elliott Management announced its acquisition of Barnes & Noble for approximately $683 million, finalizing the transaction on August 7, 2019. James Daunt was appointed CEO of both Waterstones and Barnes & Noble and relocated from London to New York to oversee operations. Following this acquisition, Barnes & Noble became a privately held subsidiary fully owned by Elliott, marking a strategic growth within Elliott’s retail holdings portfolio.

Softbank Group

In February 2020, Elliott Management revealed ownership of shares in Japanese conglomerate SoftBank Group valued at over $2.5 billion. By August 2022, however, Elliott had nearly fully exited its position, reportedly due to waning trust in CEO Masayoshi Son’s restructuring plans, signaling a realignment of investment priorities within the tech sector.

Alexion

Elliott initiated a stake in Alexion Pharmaceuticals in 2017 and escalated efforts in 2020 to compel the company toward a sale. The firm criticized Alexion’s management choices—such as the $1.4 billion acquisition of Portola Pharmaceuticals—as detrimental to shareholder value. Despite Elliott’s advocacy for an immediate divestiture, Alexion’s board unanimously declined the proposal, highlighting friction between activist investors and company leadership over strategic objectives.

F5 Networks Inc.

In November 2020, Elliott Management took a position in F5 following engagement with its management team to address the company’s underperformance in the stock market.

Ahold Delhaize

In November 2021, Elliott Advisors secured a 3% economic stake in Ahold Delhaize, Europe’s largest supermarket operator, with an investment valued at approximately $1 billion.

BioMarin Pharmaceuticals

By November 2023, Elliott Investment Management committed upwards of $1 billion to BioMarin, a biotechnology company focused on rare genetic conditions, which had a market capitalization near $16 billion.

Johnson Controls Inc.

As of May 2024, Elliott Advisors maintained a substantial holding in Johnson Controls worth close to $1 billion.

Southwest Airlines

In June 2024, Elliott Management acquired a $1.9 billion stake in Southwest Airlines and advocated for leadership changes, criticizing the company’s stagnant strategic approach. The fund launched StrongerSouthwest.com to mobilize shareholder backing. By September, Southwest announced executive restructuring in response to Elliott’s campaign.

BP

In February 2025, Elliott Management accumulated a 5% ownership interest in British Petroleum valued at £3.8 billion. Through activist shareholder pressure, they urged BP to enhance profitability, leading the company to increase oil and gas production while reducing renewable energy investments by more than half.

Time Equities

Since 2010, Elliott Management has expanded into distressed real estate markets with a focus on Japan and Germany and identified Spain and Italy as promising targets by 2015. Operating teams across London, Hong Kong, and Tokyo, it manages real estate assets exceeding $2 billion. In the United States, Elliott addresses financing gaps by providing direct loans to developers.

In 2013, Elliott collaborated with Time Equities on a 63-story commercial development in New York City and acquired an interest in Silverpeak Real Estate Finance, a commercial lending firm. By 2014, it financed the transformation of 5 Beekman Street into a combined hotel with 287 rooms and a 46-story condominium through GFI Capital Resources.

Sovereign debt

Elliott has been active in acquiring distressed sovereign debt. In 1995, it purchased $20 million of defaulted Peruvian bank debt and subsequently obtained a $58 million court award after litigation.

Following Argentina’s sovereign default in 2002, Elliott held bonds with a face value of $630 million that appreciated to $2.3 billion. Rejecting Argentina’s offer of under 30 cents on the dollar, Elliott secured favorable rulings in U.S. and U.K. courts but encountered difficulties enforcing payment. In 2012, its subsidiary NML Capital detained the Argentinian naval vessel ARA Libertad in Ghana to enforce judgments exceeding $1.6 billion—a case described as the "sovereign debt trial of the century."

Elliott also pursued defaulted bank debt from the Republic of the Congo by acquiring $32.6 million in loans and winning more than $100 million through British courts. Its investigations revealed government corruption that led to a settlement estimated at $90 million on debt originally purchased for less than $20 million. This case exemplified Elliott’s strategic use of legal action to maximize returns on distressed sovereign assets.