Tech stocks rallied Monday morning after Elliott Investment Management took a multibillion-dollar position in Salesforce Inc., heralding a fight to squeeze higher profits from the enterprise software giant.
Shareholder activism is on the rise, and recent job cuts from Alphabet Inc., Amazon Inc., Microsoft Corp. and others may go deeper if the goal is to return to pre-Covid staffing levels. Elon Musk has shown that a large Internet platform can keep the lights on with a fraction of the staff. Could a similar activist onslaught hit the rest of Big Tech, whose shares have fallen over the past 12 months in a post-pandemic slump?
