15 Recent Activist Investor Campaigns

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3. Dropbox Inc. (NASDAQ:DBX)

Value of Stake: $1.1 Million

Half Moon Activist Campaign Initiated: March 2025

Number of Hedge Fund Holders: 36

Dropbox Inc. (NASDAQ:DBX) is a technology company that offers cloud storage, file synchronization, file sharing, and client software services. Its solutions allow people to store, synchronize, and share files across devices. The company is under pressure from activist investor Half Moon, seeking to remove its dual-class share structure.

According to Half Moon, the dual-class share structure has given CEO and co-founder Drew Houston too much power in voting rights, making it difficult to push for changes likely to unlock value. In addition to share structure, the activist hedge fund has also taken issue with Dropbox’s slowing revenue growth metric. Slow revenue growth comes from the company recording less than 1% growth in paying user count and guiding for a decline in paid users this year.

Amid the slowing growth, Dropbox Inc. (NASDAQ:DBX) has cut its workforce by 20% as it tries to trim its operational expenditure. The cut came as Dropbox faced a challenging consumer environment and inefficient operations.

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