Elliott Management, a significant investment agency run by billionaire Republican donor Paul Singer, alerted AT&T Monday of its $3.2 billion stakes within the telecommunications giant. In a letter to AT&T’s board, He argued the company is underperforming and proposed AT&T sell its non-core businesses and restructure.
President Donald Trump tweeted Monday that the announcement was “great information”, whose parent firm WarnerMedia is a division of AT&T.
Singer had founded Elliott in 1977 and has gained a reputation as an activist investor who accumulates massive stakes in public companies with a purpose to drive changes in management and technique. Elliott declined to touch upon Trump’s tweet in regards to the agency’s funding in AT&T. An individual familiar with Singer’s operations denied the investment was associated with politics.
In recent decades, Singer has grown to be an influential donor to conservative and Republican causes. He has raised money for GOP presidential nominees George W. Bush, John McCain, and Mitt Romney, in addition to donated millions to Republican-aligned organizations for both federal and state-level elections, together with the Congressional Leadership Fund, the Senate Leadership Fund, and the Republican Governors Association.
However, with Trump, Singer has been a notable holdout. He endorsed Marco Rubio in November 2015, prompting Trump to attack Singer as somebody who represents amnesty and unlawful immigration pouring into the nation.
In early 2016, Singer funded a brilliant PAC supporting Rubio that ran TV and digital advertisements sharply critical of Trump. One asked if Republicans “can trust” Trump for holding more liberal positions on health care and economic stimulus. Another documented many of his disparaging feedback about women.
After Trump received the nomination, Singer didn’t donate to his marketing campaign. He did donate $1 million to Trump’s inauguration, and on February 2017 met with Trump at the White House. After that assembly, the President claimed Singer had given Trump “his total help.”
Since Trump has been in office, Singer has targeted his political giving on congressional and state-level Republican campaigns, following two individuals accustomed to his donations. Singer has not donated to Trump’s reelection campaign nor the super PAC supporting him.