Elliott Management Becomes Largest Etsy Investor, Secures Board Seat

Marc Steinberg to join Etsy’s board as the company grapples with competition and marketplace issues.

Elliott Management, an investment firm known for its aggressive governance tactics, has built a roughly 13% position in Etsy’s stock, making it the largest investor.
Marc Steinberg, an Elliot partner, will join Etsy’s board of directors effective February 5.
Etsy has been struggling with competition from low-cost Chinese retailers and issues with poorly-made products and scams on its marketplace.
Etsy's recent attempts to grow new lines of business through acquisitions have had mixed results.
The news of Elliott's involvement drove Etsy’s stock up 10%.