© Reuters. Crown Castle (CCI) rises on WSJ report Elliott has a stake worth over $2 billion
Crown Castle (NYSE:) shares rose more than 3.5% in U.S. premarket trading following a report in the Wall Street Journal that activist investor Elliott Investment Management aims to advocate for changes at the wireless tower owner.
With a stake exceeding $2 billion, Elliott plans to engage in discussions with the company to implement changes that will enhance its stock performance.
This marks Elliott’s latest effort to instigate changes at Crown Castle. In 2020, the activist investor urged a strategic review of the company’s fiber business.
The CCI stock has depreciated by approximately 50% since reaching its record high, with a 24% decline this year as of the latest close.
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