Elliott Management and the art of telling bosses they’re wrong
The hedge fund has industrialised shareholder activism
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Business | Schumpeter Elliott Management and the art of telling bosses they’re wrong The hedge fund has industrialised shareholder activism Share Mar 19th 2026 | 5 min read M anagers get up to all sorts when shareholders aren’t paying attention. Many hoard assets. Some even commit fraud. And very rarely one will hire Katy Perry to perform on a cruise ship. When they do, the job of reimposing capitalism’s Protestant ethic falls to Elliott Management, a hedge fund based in West Palm Beach, Florida. In February Elliott denounced the largesse of Norwegian Cruise Line, which had hired Ms Perry to christen a new vessel, and demanded the replacement of its board. It is pushing for a new boss at Lululemon, which makes leggings, and has just squeezed Toyota to pay more for a supplier in which the Japanese carmaker (and Elliott) hold minority stakes. Pepsi said recently that it would cut a fifth of its products. Naturally, the Coca-Cola of shareholder activism was again involved. Share Reuse this content More from Business How Zara fought off H&M and Shein A touch of luxury has helped Nvidia is expanding its empire The AI boom’s biggest winner moves beyond chips War may bring lasting change to the airline business Western carriers will relish the chance to win some of their customers back Trouble is brewing among America’s corporate borrowers Surging energy prices will add to fears of a wave of defaults Bartleby In praise of grunt work AI promises to eliminate drudgery. Careful what you wish for Altman, Amodei and Musk fight dirty for the biggest prize in business Never before has so much money been sought from investors in a single year
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