American hedge fund based in West Palm Beach, Florida. Paul Singer opened the firm in 1977 to trade convertible bonds but became famous in the 1990s as an obstinate lender to emerging markets, buying distressed bonds owed by countries such as Peru and Argentina and demanding to be paid in full. Most of its efforts now go into shareholder activism: buying small stakes in companies, lobbying for change and hoping share prices rise. It also does private-equity deals.
Elliott has industrialised what had been an artisanal business. According to regulatory disclosures it owns about $24bn of American stocks and has pursued roughly 37 public activism campaigns since the start of 2024—about the same as ValueAct, Starboard Value, Third Point and Trian, four big activist funds, combined on both measures. It employs more than twice as many investment and research staff as those four rivals combined.
In September 2025 Elliott took a stake worth $4bn in PepsiCo, demanding cost cuts, a trimmed product range, renewed focus on marketing core sodas and outsourced bottling. PepsiCo fended off the hedge fund's attempt at a board seat but agreed to lower prices, axe a fifth of its snack brands and shut some factories.
Recent campaigns include pushing for a new boss at Lululemon; pressing Toyota to pay more for a supplier in which both Elliott and the carmaker hold minority stakes; and denouncing the spending of Norwegian Cruise Line. Elliott has also invested in BP and the parent company of London's stock exchange.
Elliott bought Waterstones, a British bookshop chain, in 2018, and Barnes & Noble, an American bookshop chain, in 2019. It gave James Daunt, who had turned Waterstones around, the task of reviving Barnes & Noble too. Elliott is said to be considering taking the transatlantic bookselling business public in either London or New York.
In Japan, where regulatory reforms are pressing companies to unwind cross-holdings, Elliott disclosed three campaigns in 2025 and on March 17th 2026 revealed a stake in Mitsui OSK, a shipping company. According to Barclays, 56 activist campaigns were launched against Japanese companies in 2025, the most on record.
Take care of the luxuries and the necessities will take care of themselves.