(Reuters) – U.S. hedge fund Elliott Management has taken a sizable stake in file-sharing service provider Dropbox Inc, the Wall Street Journal reported on Wednesday, citing people familiar with the matter.
Elliott has told Dropbox it is the company’s largest shareholder after Chief Executive Officer Drew Houston, the report said https://www.wsj.com/articles/elliott-management-has-big-dropbox-stake-11622650039?mod=latest_headlines.
This suggests the hedge fund owns a stake of more than 10%, worth well over $800 million, according to the report.
Elliott and Dropbox did not immediately respond to Reuters requests for comment.
Shares of Dropbox were up nearly 7% at $28.68.
(Reporting by Akanksha Rana; Editing by Aditya Soni)
