On December 11, 2025, Elliott Investment Management announced that it has lifted its stake in Toyota Industries to 5.01 per cent, further increasing pressure on Toyota Motor, which plans to buy out the forklift manufacturer, a key group firm. Elliott Investment Management said in a Japanese regulatory filing that the holding was acquired for investment purposes and potentially making important shareholder proposals. Elliott Investment Management previously said that it had a significant stake and criticised the deal as undervaluing Toyota Industries, lacking transparency and falling short of proper governance practices.