8/16, 7:27 AM (Source: TeleTrader)
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Elliott withdraws stake in Softbank - report

Elliott Management Corp. decided to sell the majority of its shares in Softbank Group Corp., a Japanese investment conglomerate, after previously investing around $2.5 billion in 2020, reported the Financial Times on Tuesday, citing sources familiar with the matter.

According to one of the sources, Elliott made a decision to withdraw its stockholdings after it lost trust in SoftBank CEO Masayoshi Son's ability to reduce disparities between the value of the group's holdings and its market capitalization.

The sources could not disclose the exact size and timing of Elliott's sell-off. Nevertheless, one of the sources noted that the move took place earlier this year.

Baha Breaking News (BBN) / AY