Activist Investor Starboard Value Seeks Board Control at Tripadvisor Amid Stock Plunge
Starboard Value, holding a 9% stake in Tripadvisor, is pushing for a complete board overhaul by nominating a majority slate to the eight-person board. The activist investor's MOVE comes as Tripadvisor's stock has plummeted nearly 50% over the past six months, driven by disappointing earnings and fears that AI-powered search tools could divert traffic from the platform.
Starboard is urging Tripadvisor to explore strategic alternatives, including the sale of TheFork restaurant marketplace or the entire company. These options were previously rejected in 2024. With a market cap of $1.1 billion, Tripadvisor appears undervalued compared to peers like Airbnb, Expedia, and Booking Holdings on an enterprise value-to-earnings basis.
The activist push intensifies pressure on Tripadvisor just one week after the company reported weaker-than-expected Q4 earnings. Starboard's initial investment in mid-2025 sparked a temporary rally, but Optimism faded as the stock continued its downward trajectory.