Ubisoft's ongoing stock woes continued this week as a minority investor called for the company to go private and change its overall strategy, triggering yet another slide in the company's price.

In a public letter to management, the Slovakia-based hedge fund AJ Investments expressed "deep dissatisfaction" with Ubisoft's performance and strategic direction. The letter cited recent quarterly results as disappointing due to delays to games in notable series like Rainbow Six Siege and The Division, as well as a lowered revenue outlook for Q2 2024. (According to the Wall Street Journal, AJ Investments owns less than 1% of Ubisoft's overall stock.) The letter further calls for Ubisoft to go private or to allow itself to be sold to a strategic investor.

Ubisoft's stock has slid in recent weeks due to a variety of factors, including Star Wars Outlaws reportedly not meeting sales expectations and dwindling player counts in would-be Call of Duty competitor XDefiant. The company's next major release will come on November 15 with Assassin's Creed Shadows, a highly anticipated entry in the series that fans have wanted for years. Ubisoft has remained stubbornly independent (and public) as many other gaming companies of its size have been purchased by even larger players in the industry, most notably Activision. Tencent did buy a minority stake in the company in 2022, but it has no board seats.