Starboard Takes 9% Stake, Urges Tripadvisor To Consider Selling TheFork

Activist investor Starboard Value, holding a 9% stake in Tripadvisor, is advocating for significant strategic changes at the travel review and booking company. Starboard CEO Jeff Smith publicly suggested that Tripadvisor should consider selling its restaurant booking platform TheFork, which is the most separable and least integrated business unit, or potentially the entire company to unlock shareholder value. Smith highlighted Tripadvisor's strong brand and the rapid growth potential in its Viator experiences segment, but emphasized the need to transform and improve the user experience to drive revenue growth. Despite a recent 17% rally in Tripadvisor's stock price since Starboard's involvement, concerns remain over organic traffic declines and competition that may challenge optimistic profit forecasts. Tripadvisor's management has expressed commitment to long-term shareholder value creation amidst the activist pressure. The discussion signals possible major restructuring or sale moves that could reshape Tripadvisor's future direction.