Activist Elliott builds roughly 13% stake in Etsy, secures board seat
Summary
"I am looking forward to working with the Board and supporting Josh and the team as they execute on initiatives to improve the customer experience, accelerate top- and bottom-line growth, and drive long-term value," Steinberg said in a release. Elliott has a successful track record at myriad companies and is one of the largest activist investors, managing about $59 billion in assets as of June 2023. Etsy was one of the biggest beneficiaries of the pandemic, as stuck-at-home shoppers turned to it and other online retailers for essentials and non-essentials. But the company has struggled in recent quarters, as the pandemic-driven e-commerce boom didnt last, and inflation-weary consumers pulled back on their spending. More recently, Etsy has faced growing competition from low-cost Chinese retailers Temu and Shein, with Silverman acknowledging the companies are "taking a little bit of share from everyone."