Hedge Fund Elliott Management Corp. is funding Eko's patent litigation against the streaming service Quibi. Wall Street Journal report. According to Eko's lawsuit, Quibi stole the trade secret and claims that the "Turnstyle" feature violates Eko's patent. Turnstyle allows you to switch Quibi videos in real time by switching them differently depending on the viewer's phone orientation (vertical or horizontal).
Eko wants Quibi to stop using the technology or get a license, and is claiming a preliminary restraining order and damages. As part of the financing contract, Elliott said he would secure a stake in Echo. WSJHowever, it is not clear how much money is involved.
Quibi, a mobile video app launched last month, has raised nearly $ 2 billion to create a "quick bite" show that lasts up to 10 minutes. One day before Eko filed a lawsuit, Eko was sued, and the court ruled that Turnstyle did not infringe Eko's patent. Qui rain said The budge In March, Turnstyle claimed to be a patented technology and Eko's claim was "no oil".
Elliott Management and Quibi did not immediately respond to requests for comment on Sunday. An Eco spokesman declined to comment.
Elliott Management is known for its active investor activities, supporting more than $ 40 billion in capital. The group has recently been targeted for a push to replace Twitter CEO Jack Dorsey. The two sides reached an agreement in March to hold Dorsey as CEO, giving Elliott Managing Director Jesse Cohn a seat on the Twitter Board and a committee evaluating Twitter CEO succession plans. Elliott also took over a stake in AT & T in 2019, writing a letter stating that the telecommunications company was “responsible for the current leadership team due to operational and execution issues over the past decade”. According to CNBC, it recently supported AT & T COO John Stankey's CEO appointment.
(Public: Owned Vox Media The budge, Signed a contract with Quibi polygon Every day is essential, and there is a story about edge to show.)
UPDATE: May 3 6:40 PM ET: Added information about Elliott's role in AT & T
UPDATE May 3 7:06 PM EST: Eko added that he declined to comment.