Elliott Management | GeorgMedia

dropbox ceo Drew Houston and co-founder Arash Ferdowsi — Dropbox CEO Drew Houston and co-founder Arash Ferdowsi.

Drew Angerer/Getty Images

The activist hedge fund Elliott management reportedly holds a 10% stake in Dropbox.
Shares of the cloud storage company soared as much as 8% after the news broke.
Elliott Management boasts over $41 billion in AUM and is known for its previous activist stakes in Twitter and Comcast.
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Dropbox stock soared on Wednesday after a report out of the Wall Street Journal revealed the activist hedge fund Elliott Management holds a 10% stake in the company, worth well over $800 million.

Speculation about a potential activist investor stake in Dropbox has been swirling since mid-May when a 13-F filing from UBS showed that the bank had picked up 7.7 million shares of Dropbox in the second quarter. UBS is often associated with activist investors taking swap positions through banks.

Now, unnamed sources speaking to the Wall Street journal confirmed Elliott Management has entered the fray.

The hedge fund boasted more than $41 billion in assets under management (AUM) as of January 2021 and is known as one of the busiest activist investors in the markets.

The firm has been involved in Twitter, Comcast, and dozens of other stocks as an activist shareholder, pushing for changes to help increase return on equity for investors.

Dropbox was founded in 2007 by Drew Houston and Arash Ferdowsi and is focused on offering cloud-computing storage solutions to its over 700 million registered users.

The company reported revenue of $1.9 billion last year, an increase of 15% year-over-year, and boasts a market cap of over $11 billion.

Dropbox went public in March 2018 at $21 a share, and its stock quickly shot up to nearly $40 per share by the summer. However, since then, Dropbox has struggled to break out of the $20 to $25 range amid increasing competition in the cloud storage space.

In January, the company was also forced to cut 11% of its workforce, with CEO Drew Houston saying, “the steps we’re taking today are painful, but necessary.” The move came just months after the company said all of its workforce would be allowed to work remotely on a permanent basis.

Despite the poor performance over the past two years, Dropbox shares have jumped roughly 23% in 2021. This, despite first-quarter earnings results, which showed a continued decline in the company’s revenue growth (first-quarter revenue rose just 12%).

Read the original article on Business Insider

30 Park Place — The living room of a TriBeCa apartment that’s being listed for $39.5 million.

Compass

Top execs from Elliott Management are selling their New York homes, the Wall Street Journal reports.
The apartments are for sale amid a migration among Wall Street firms and executives to Florida.
Elliott Management plans to move into a new office in West Palm Beach, Insider reported in January.
Visit the Business section of Insider for more stories.

Three top executives from hedge fund Elliott Management are putting their multimillion-dollar New York apartments on the market.

According to a report from The Wall Street Journal’s Katherine Clarke and Cara Lombardo, the three luxury properties are being listed for sale amid a migration to Florida among Wall Street firms and executives. Insider’s Daniel Geiger and Alex Nicoll reported in January that Elliott Management was close to signing a deal to move into a 40,000-square-foot office building in West Palm Beach, and Goldman Sachs, Blackstone, and Citadel are also reportedly planning moves to the Sunshine State.

Wall Street luminaries like Carl Icahn and Charles Schwab have also relocated from New York to Florida, and in January, hedge-fund billionaire Dan Loeb purchased a mansion in Miami Beach for $20 million. Earlier this month, the Journal reported that David Tepper is reportedly planning to buy a $73 million mansion in Palm Beach.

The properties now up for sale in New York include a $40 million apartment, which the Journal reports belongs to Elliott’s founder, Paul Singer. The roughly 7,500-square-foot apartment has five bedrooms and six bathrooms and is located on New York’s Upper West Side. Singer plans to leave New York City but continue to live in the Northeast, the Journal reports.

Elliott’s co-CEO, Jonathan Pollock, is living in South Florida and is also selling his Upper West Side home, the Journal reports. The listing includes two adjacent apartments, which are listed for a combined $25 million. They span approximately 8,373 square feet and, combined, have seven bedrooms and a total of nine bathrooms.

And Elliott partner Jesse Cohn, who led the attempt last year to oust Twitter CEO Jack Dorsey and now sits on Twitter’s board, is selling his New York apartment as well and plans to move to West Palm Beach, according to to the Journal.

A spokesperson for Elliott declined to comment.

Cohn’s apartment, which spans 6,000 square feet, is being listed by Compass for $39.5 million. Take a look inside.

Cohn’s penthouse apartment is located inside the Four Seasons in the TriBeCa neighborhood of New York City.

It offers panoramic views of Manhattan and has a terrace that runs the full width of the building.

The living room has 12-foot-high ceilings and a gas fireplace encased in marble.

There’s a private study …

… a dining room …

… and an eat-in kitchen.

The kitchen has professional-grade appliances and a butler’s pantry.

While there’s a staircase that leads to the upper levels, they can also be accessed via a private elevator.

The master bedroom has a fireplace and a wall of windows …

… a private dressing room with space to work or lounge …

… and a bathroom complete with a soaking tub.

The playroom has its own small kitchen, as well as an adjacent bedroom for a nanny.

There are five bedrooms total, as well as a separate, one-bedroom apartment on another floor, which the listing says could be used as a guest suite or private office.

The building itself includes a 24-hour doorman, concierge, on-site gym, 75-foot pool, parking garage, and full-service salon and spa.

Read the original article on Business Insider

Category: Elliott Management

Dropbox soars on report that activist hedge fund Elliott Management has a 10% stake in the company

3 top execs at hedge fund Elliott Management have put their New York apartments up for sale as the firm moves to Miami. See inside one of the $39.5 million homes.