Updated June 8, 2022 2:06 pm ET / Original June 8, 2022 4:16 am ET
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Western Digital stock, after an early pop, is sliding after the maker of hard disks for computers said will consider splitting itself in two as activist investor Elliott Management had recommended.
Western Digital (ticker: WDC) may divide itself into a company for traditional hard drives and another for flash memory, it said in a statement late Tuesday. Elliott has argued that the flash drive business alone could have a value of as much of $20 billion, similar to Western Digital’s current market capitalization.