Billionaire Paul Singer has made a fortune shaking up tired businesses. And right now he has a new company in his crosshairs. In industry circles, Singer has earned a reputation as an effective shareholder activist. Singer, and his fellow shareholders, made huge profits in activist campaigns at companies like athenahealth, Inc., BHP Group Ltd (NYSE:BHP), and Akamai Technologies, Inc. (NASDAQ:AKAM).
On his list now: AT&T Inc. (NYSE:T). In September, Singer’s hedge fund, Elliott Management Corporation, disclosed a $3.2-billion stake in the telecom giant. And in an open letter to AT&T’s board of directors, the hedge fund honcho chastised management’s investment track record, proposed dozens of options to boost returns, and called on executives to pay more money to shareholders through dividends and buybacks.
Source: Income Investors
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