Elliott Management Takes Significant Undisclosed Stake in Starbucks, Shares Surge 4%

Jul 19, 2024, 06:49 PM

Activist investor Elliott Management has built a sizable and undisclosed stake in Starbucks, according to a report by the Wall Street Journal. The investment firm is pushing the coffee giant privately on ways to boost its stock price. Following the news, Starbucks shares surged more than 4%, with a 6% increase noted. Elliott has been engaging with the company behind the scenes in recent weeks, although the exact demands and whether they seek board seats remain unclear. The move comes as Starbucks contends with a pullback in demand. Notably, Elliott had accumulated June 2026 calls in big size the past month.