DALLAS — Activist investor Elliott Investment Management, which has led a shakeup of Dallas-based Southwest Airlines, on Tuesday announced a major stake in another company with North Texas ties: PepsiCo.

Elliott disclosed a $4 billion stake in PepsiCo and announced an effort to turn around the beverage giant's finances.

In February, PepsiCo cited high prices and changing consumer tastes for lagging U.S. demand that led revenue to dip to $27.78 billion in the fourth quarter, as the Associated Press reported .

PepsiCo subsidiary and snack food giant Frito-Lay North America is headquartered in Plano.

In a letter to PepsiCo's board of directors, Elliott laid out a plan to boost the company's revenue, and in particular to turn around PepsiCo Beverages North America's "eroding profitabilit

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