AT&T gets an "open letter" from a hedge fund to basically change everything

Haters gonna hate... Only some release a 23-page open letter about it. Hedge fund Elliott Management just sent one to AT&T after splurging $3.2B for a 1.2% stake in the telecom giant. The letter's core theme: Change (almost) everything. Here's how to interpret the Real Housewives-style takedown:

• It's not personal, AT&T: Elliott has "tremendous respect for the Company’s legacy."
• But there's a problem: Over the last 10 years, the broader market (the S&P 500) has risen 193% — but AT&T only rose 42%.
• So it's time for a makeover: Specifically, cut the CEO and the board – Elliot thinks that “this is the moment to determine the right team for the next decade.”
• Take the free advice and everyone wins: The fund thinks its proposals could push up AT&T stock by 65% in 2 years.
• FYI, the fund doesn't own enough stock to force AT&T management to listen — but shares jumped because investors hope it does.

Here's the problem... There are a lot of problems facing AT&T. The hedge fund spent pages 2-23 covering them.

• The botched iPhone: AT&T enjoyed exclusive rights to sell iPhones when they launched — but its poor service quality ended that.
• The identity crisis: Verizon snagged the high-end wireless market while T-Mobile/Sprint grabbed the low-end — AT&T was awkwardly left in the middle.
• The brutal acquisitions: AT&T has dropped a hefty $200B on them the last few years — it bought DirecTV at its peak, and satellite TV has only lost subscribers since.