Starboard Takes 9% Stake, Tripadvisor Stock Jumps 17%

Tripadvisor's shares surged as much as 17% after activist investor Starboard Value disclosed a stake exceeding 9%, valued at about $160 million. Starboard called Tripadvisor 'undervalued' and intends to engage with management on value creation strategies. The investment follows Tripadvisor's recent independence from a controlling shareholder and its decision earlier in 2024 to reject takeover offers and rule out a sale, despite forming a special committee to consider strategic alternatives. Tripadvisor's shares had been flat year-to-date after dropping over 30% in 2024, and Starboard's involvement has renewed optimism among investors and analysts. Starboard's track record suggests possible strategic or operational changes at Tripadvisor. The announcement coincided with a brand refresh ahead of Tripadvisor’s 25th anniversary.