The Tripadvisor logo is displayed on a tablet.
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Tripadvisor stock jumped 17% Thursday after Starboard Value revealed a more than 9% stake in the online travel company, according to a securities filing.
The position was valued at about $160 million as of Wednesday’s close.
“We value constructive engagement with all of our shareholders and appreciate their feedback as we continue to grow our business as the world’s most trusted source for travel and experiences,” a Tripadvisor spokesperson said in a statement to CNBC. The company’s board of directors and management team are “committed to driving long-term value for our shareholders,” they added.
Starboard declined to comment on the news.
Tripadvisor shares have been flat since the start of the year after plummeting more than 30% in 2024. Last year, the travel review and booking company said it created a special committee to explore potential options.
Starboard Value has gained a reputation for pushing for changes such as new CEOs and cost cuts by acquiring significant shares in companies.
Most recently, the firm settled a proxy fight with Autodesk, where it gained two board seats. It has previously pushed for changes at Tinder parent Match Group, pharmaceutical giant Pfizer and Salesforce.
The Wall Street Journal was the first to report the news late Wednesday.