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2d ago

Starboard Value Accumulates Over 9% Stake in Tripadvisor, Shares Surge

The $160 million position raises pressure on the travel review site’s board with a regulatory 13D filing expected imminently.

Tripadvisor app is seen on a smartphone in this illustration taken February 27, 2022. REUTERS/Dado Ruvic/Illustration/File Photo
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Overview

  • Starboard Value built a stake exceeding 9% in Tripadvisor, valued at about $160 million, according to a person familiar with the matter.
  • News of the position drove Tripadvisor’s shares up around 7% in after-hours trading on Wednesday.
  • Starboard is expected to file a Form 13D as soon as Thursday, a requirement for shareholders planning to push for strategic or governance changes.
  • Tripadvisor’s stock has fallen roughly 15% over the past year following the collapse of sale talks in mid-2024 and a surprise quarterly loss.
  • Activist investor Jeffrey Smith has previously pressed for board seats and operational overhauls at Kenvue, Pfizer and Autodesk, signaling likely demands for similar changes at Tripadvisor.