Behind the Money A hedge fund’s $8bn bet on Venezuela’s Citgo
28 snips
Feb 11, 2026 
Costas Mourselas, FT hedge fund correspondent (activist fund specialist), and Amelia Pollard, FT U.S. investment correspondent (investment and legal reporter), unpack Elliott Management’s $8bn pursuit of Citgo. They trace Elliott’s control-driven tactics, the U.S. court-ordered sale, geopolitical and regulatory pitfalls, and the legal fights and political ties that make closing the deal uncertain.
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Playing Where Others Won't
- Elliott targets situations others avoid because complexity creates opportunity.
- The firm prioritizes control over market bets to extract value from contested situations.
Singer's Early Loss Shaped Elliott
- Paul Singer turned a law background and early losses into a risk-averse activist style.
- He built Elliott to avoid losing money and to use legal leverage as a competitive edge.
Seizing A Ship In Argentina Case
- Elliott once seized a naval training ship as collateral in a long battle with Argentina.
- The dramatic but peaceful seizure exemplifies how far the firm will go in sovereign disputes.