, Columnist
Hedge Funds Are Having a Hard Time Running This Business
Toshiba has proved difficult to govern, but even so, foreign investors have failed to do much for its operations.
Holding out.
Photographer: Kiyoshi Ota/BloombergThis article is for subscribers only.
When activist hedge fund Elliott Management Corp.’s significant stake in Toshiba Corp. became public in 2021, the company was in the middle of a strategic review. Over 18 months later, the storied Japanese conglomerate’s earnings have turned to losses, private-equity firms are bidding for it at a discount and a top executive has resigned on expense-related misdeeds.
For all the hedge fund-talk of “underlying value” and the need for change, it’s hard to see what gains have been made so far.