Nuked Hedge fund Elliott Management Corp. is financing Eko’s patent lawsuit against streaming service quibi. Eko claims that quibi stole trade secrets and that its’Turnstyle’ feature violates Eko’s patents.
Eko wants quibi to stop using its technology or license it. Elliott would get an equity stake in Eko, but it’s not clear how much money is involved.
quibi, the mobile app that launched last month, raised nearly $ 2 billion to produce’quick bite’ shows that last a max of 10 minutes.
Elliott management and quibi did not immediately respond to requests for comment on Sunday. An Eko spokesperson declined to comment on the matter.
Elliott management is known for aggressive investor activism, backed by more than $ 40 billion in capital. The group was behind a recent push to replace Jack Dorsey as CEO of Twitter. Elliott also acquired a stake in at & T in 2019.
Vox Media, which owns the verge, has a deal with quibi to produce a polygon daily essential. There have been talks about a verge show show.
Elliott’s role at at & T was announced on May 3. The new information will be revealed on the future of the company.
