Elliott Management buys stake in Starbucks, aims to boost share price

From CNBC: 2024-07-19 16:21:07

Elliott Management has acquired a significant stake in Starbucks, aiming to boost the company’s share price. The firm did not hold a stake in Starbucks as of March 31. Starbucks shares surged more than 6% following the news. Elliott has made sizable investments in companies like Southwest, SoftBank, Johnson Controls, and Texas Instruments.

Starbucks faced an activist effort from its workers unions earlier this year, resulting in a withdrawal of candidates. The coffee chain has struggled with declining same-store sales and traffic, prompting a cut in its 2024 outlook. CEO Laxman Narasimhan, appointed by Howard Schultz, plans to make improvements to stores. Schultz does not plan to return as CEO for a fourth stint.



Read more at CNBC: Elliott has Starbucks stake, in talks with management: WSJ