(WASHINGTON) – The Teamsters Union stands in solidarity with AT&T workers and their union, Communications Workers of America (CWA), as they fight back against plans by a vulture capitalist hedge fund that would harm the company’s workers.

The CWA has estimated some 30,000 AT&T workers could lose their jobs or face wage reductions if AT&T leadership adopts proposals put forth by Elliott Management, a hedge fund headed by billionaire Paul Singer. The overhaul of the company would include laying off workers and selling off assets to boost the stock price with billions in share buybacks.

“The 1.4 million members of the Teamsters Union stand with the thousands of dedicated AT&T workers in this fight. This predatory plan will only serve to deliver short term gain for billionaires while hurting thousands of AT&T workers and their families. We cannot allow this to happen,” said Jim Hoffa, Teamsters General President.