Hedge Fund Elliott Investment Management has taken a significant stake in Salesforce Inc., according to multiple news sources. The move comes amidst a decline in the company’s share price and recent announcement that it was laying off 10 percent of its workforce.

Salesforce Founder Marc Benioff

“Salesforce is one of the preeminent software companies in the world, and having followed the company for nearly two decades, we have developed a deep respect for Marc Benioff and what he has built,” Jesse Cohn, managing partner at Elliott, told Bloomberg News, referring to the company’s co-chief executive officer and chairman. “We look forward to working constructively with Salesforce to realize the value befitting a company of its stature.”

Salesforce has experienced turbulent times in recent months like the announcement in November that co-CEO Bret Taylor would be leaving the company. Then, to kick off the year, the company announced jarring news that it would lay off nearly 8,000 of its workers.

Several news outlets are reporting that Elliot, managed by hedge fund investor Paul Singer, has raised its stake in Salesforce to the tune of several billion dollars. The company’s market cap has dwindled by more than half since its peak in November 2021. Shares were trading nearly 10 percent higher after news of Elliot’s stake became public.

News of Elliott’s investment first appeared in the Wall Street Journal.