07:45 AM EDT, 09/02/2025 (MT Newswires) -- PepsiCo ( PEP ) is facing a major activist campaign by hedge fund Elliott Investment Management, which has built a $4 billion stake in the beverage company and seeks to make changes to bolster its share price, the Wall Street Journal reported Tuesday, citing people familiar with the matter.

Elliott's stakes makes it one of PepsiCo's ( PEP ) top five active investors, the WSJ reported.

PepsiCo ( PEP ) and Elliott did not immediately reply to MT Newswires' requests for comment.

PepsiCo Shares were up nearly 5% in recent premarket activity.

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