NASDAQ:WTBA

Stock Market Today

  • Activist Hedge Fund Elliott Takes Major Stake in Northern Star, Calls for Strategic Overhaul
    June 2, 2026, 8:09 PM EDT. Shares of Northern Star Resources Ltd (ASX: NST), Australia's largest gold miner, surged 13.75% after Elliott Investment Management disclosed a stake exceeding A$1 billion, about 4% of the company. Elliott, a Florida-based activist hedge fund managing US$80 billion, criticized Northern Star's operational failures, including a 200% underperformance versus peers and production delays. The fund demanded a strategic review, possible sale, new directors, and a new CEO amid recent leadership changes and a significant valuation discount. Northern Star has expressed openness to dialogue. This development marks a pivotal moment for investors facing a steep market cap fall due to project delays and underperformance despite high gold prices.