Activist investor Elliott takes short position in Shell after building a stake in rival BP

Core Viewpoint - Elliott Investment Management has taken a significant short position against Shell, indicating a bearish outlook on the company's stock performance [1][2]. Group 1: Investment Position - Elliott has amassed a short position worth £850 million ($1.1 billion) against Shell, representing 0.5% of the company's stock [2]. - This short position is considered the largest disclosed against Shell in nearly a decade [2]. Group 2: Market Reaction - Following the news, Shell's shares traded 0.5% lower, although the stock is up approximately 13.6% year-to-date [3]. - Earlier in the month, Elliott also took a short position of around €670 million ($722 million) in TotalEnergies, indicating a broader strategy in the energy sector [3].