Elliott Investment Management has established a sizeable stake in Align Technology, the producer of Invisalign teeth-straightening products, according to a report by Bloomberg citing unnamed sources familiar with the matter.

The activist hedge fund is expected to engage with the company on initiatives aimed at improving shareholder value, and is now understood to rank among Align’s largest investors.

Neither Elliott nor Align Technology has publicly commented on the development.

The move comes after a prolonged decline in Align’s share price, which has dropped more than 75% from its 2021 peak, reflecting weaker demand across the dental products market. While analysts anticipate some stabilisation in sector demand in 2026, expectations for a broader recovery remain measured.