Billionaire Paul Singer's hedge fund Elliott Management has bought shares of AT&T and launched a campaign arguing for the company to cut costs by laying off workers, divesting assets, and extracting cash to enrich shareholders. This predatory attempt to pump up AT&T's stock price would hollow out the company and put CWA members' jobs at risk.
New CWA research released this week estimates that more than 30,000 family-supporting jobs will be at risk of elimination or a reduction in wages and benefits if AT&T's leadership adopts these proposals. CWA opposes Elliott Management's agenda at AT&T and its members are ready to challenge Elliott's attempt to destroy jobs and communities for short-term gain.
"Elliott Management's short-sighted activism has left families without jobs, and has harmed the long-term value of companies like Hess and Arconic," said CWA President Chris Shelton. "Boosting earnings through headcount reductions, outsourcing, and reduced investment surely benefits Paul Singer and Elliott Management's wealthy investors, but what about everyone else?"
Congressman Ro Khanna joined President Shelton for an op-ed warning that these harmful proposals could harm U.S. workers and communities. Read the op-ed here.