Starboard Turns Up Heat on Tripadvisor After Stock Slide And Slow Strategy Moves

Starboard Value escalated its pressure on Tripadvisor by saying it plans to nominate a slate of directors designed to win majority control of the company’s eight-member board at the 2026 annual meeting. That is a major step in activist investing, because it moves beyond “influence” into potential control. If Starboard wins at least five seats, it could steer key decisions, such as whether to sell parts of the company or explore a sale of Tripadvisor as a whole.

Why Starboard says urgent action is needed

Starboard argues Tripadvisor has destroyed shareholder value and missed opportunities. In its public letter, it criticized the company for not engaging with an acquisition approach it says valued the shares at roughly $18 to $19 per share in January 2025. It also attacked the decision to buy out Liberty Tripadvisor Holdings at $16.28 per share, saying common shareholders then bore the pain as the stock later fell to around $10 and below. Starboard also questions governance, including why Greg Maffei remained chair, and it claims Tripadvisor has been too slow to introduce an AI-driven product experience as travel search behavior changes.

Tripadvisor’s response and what it says it is already doing

Tripadvisor responded the same day, saying it has held “numerous discussions” with Starboard and that it welcomes constructive input while focusing on long-term value. The company pointed to steps it says are already underway: a business realignment to emphasize “Experiences,” simplification of legacy operations, and cost reductions.

Why travel companies care

The next catalyst is Starboard’s nominee list and the campaign ahead of the shareholder vote. A credible majority slate can increase pressure quickly, because it raises the odds of bigger moves—asset sales, leadership change questions involving CEO Matt Goldberg, or even a broader sale process.

For the travel industry, the stakes are practical: Tripadvisor influences demand through reviews, rankings, and paid placements, and its Experiences strategy connects directly to Viator and thousands of operators. A drawn-out proxy fight can be distracting, but it can also accelerate decisions on product investment (including AI features), pricing, and which businesses get sold versus scaled.

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