Activist investor Elliott Investment Management has built a “sizable stake” in Starbucks, though the exact size of Elliott’s previously undisclosed position couldn’t be determined, reported The Wall Street Journal’s Lauren Thomas. Elliott has been engaging with the company behind the scenes in recent weeks and pushing the company on ways to boost its stock price, though Elliott’s other demands, including whether it is seeking board seats, also could not be learned, The Journal stated. Starbucks shares are up about 6% to $78.29 in Friday afternoon trading following the report.
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