Activist Elliott builds roughly 13% stake in Etsy, secures board seat
Publishing timestamp: 2024-02-01 11:17:44
Summary
Activist investor Elliott Management has built a roughly 13% position in e-commerce firm Etsy, making it the company's largest investor. Elliott partner Marc Steinberg will join Etsy's board. Etsy shares rose more than 10% on the news. Elliott has a successful track record and manages about $59 billion in assets. Etsy has struggled in recent quarters but was a beneficiary of the Covid-19 pandemic. The company has tried to expand through acquisitions but has faced growing competition from Chinese retailers.
Sentiment: POSITIVE
Tickers: MTCH, CCI, PINS, ETSY, PSX, CRM, DBX,
Keywords: business, mergers and acquisitions, technology, crown castle inc, salesforce inc, match group inc, phillips 66, breaking news, business news, pinterest inc, breaking news: business, dropbox inc, breaking news: technology, etsy inc,