Hedge fund Elliott Management buys a $4.7 billion stake in BP, pushing for a shift back to oil and gas.

Elliott Management, a prominent hedge fund, has acquired a near-5% stake in BP, worth about $4.7 billion, making it the third-largest shareholder. Elliott is known for pushing companies to boost shareholder value and is expected to demand BP divest from renewable energy and focus more on oil and gas. This comes after BP's profits declined and its shares underperformed due to concerns over its shift towards becoming a net-zero energy company. BP plans to reset its strategy and will detail changes at a Capital Markets Update on February 26.