Tripadvisor shares surged 17% on Thursday following news that activist investor Starboard Value revealed a more than 9% stake in the online travel company, according to a securities filing.
The position, which was valued at about $160 million as of Wednesday’s close, marks a bold move by Starboard, which is known for driving strategic changes at major public companies.
“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 told CNBC. The company emphasized that its “board of directors and management team are committed to driving long-term value for our shareholders.”
Starboard declined to comment on the filing.
The hedge fund plans to engage with Tripadvisor’s leadership to identify opportunities to boost the company’s stock price, according to its filing with the U.S. Securities and Exchange Commission.
Tripadvisor, which now operates independently following a December 2024 deal to repurchase all shares held by former controlling shareholder Liberty Tripadvisor Holdings, welcomed the outreach.
Tripadvisor stock had been flat since the start of the year after plummeting more than 30% in 2024, making Thursday’s jump a welcome reversal. The company had previously formed a special committee to evaluate strategic alternatives, signaling its openness to transformation.
Starboard’s involvement could indicate further changes ahead. The activist firm has built a reputation for pushing companies to streamline operations, reduce costs, and replace leadership. It most recently settled a proxy fight with Autodesk, securing two board seats, and has previously pressured Match Group, Pfizer, and Salesforce for reforms.
Before Thursday’s rally, Tripadvisor shares had gained only 1.5% year-to-date, significantly trailing the 10.5% rise in the Dow Jones U.S. Travel and Leisure Index, signaling underperformance relative to industry peers.
Starboard is one of the most active players in shareholder activism, having pressed for change at several major firms over the past year—including Pfizer, Autodesk, and Kenvue, the latter of which added three new board members in March, including Starboard CEO Jeffrey Smith.
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