GOP Donor Invests in AT&T, Spurring Trump Tweet Against CNN, MSNBC 'Fake News'
Elliott Associates and Elliott International, investment funds managed by Elliott Management CEO and Republican contributor Paul Singer, wrote AT&T Monday after acquiring $3.2 billion in stock and equivalents in the telecom. Elliott sought increased strategic focus, improved operational efficiency, a…
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formal capital allocation framework and enhanced leadership and oversight. Elliott suggested adding more directors, and forming a board strategy and operations committee. It recommended AT&T "relieve investors of the ongoing fear that there is another major, distracting move" such as a merger or acquisition in the foreseeable future. AT&T responded that its management team and board "maintain a regular and open dialogue with shareholders and will review Elliott Management's perspectives." It said it's already executing many of the actions sought. President Donald Trump tweeted Monday the activist investor's involvement is "great news," and urged Elliott to help "put a stop to all of the Fake News" at CNN. Matt Dornic, CNN vice president-communications, disputed Trump's claim. The network delivered its highest August ratings on record last month and won the prime time demographic over Fox and MSNBC, Dornic tweeted. Trump claimed MSNBC had lost all credibility due to negative coverage of his administration. Comcast declined to comment.