Starboard Value Takes 9% Stake in Tripadvisor, Signals Push for Change

Starboard Value, an activist investment firm, has taken a 9 percent stake in Tripadvisor. The firm invested approximately $150–160 million, making it one of the travel platform's largest shareholders.

Following the news, Tripadvisor's stock jumped 16–17 percent.

Starboard is expected to actively engage with Tripadvisor’s board regarding potential changes, possibly through board nominations, repositioning of business lines (like focusing on Viator and TheFork), cost management, or even exploring sale deals.

Starboard Value is known for driving change after taking positions in companies like Pfizer, Autodesk, and Kenvue—sometimes winning board seats or triggering strategic pivots.

Tripadvisor became fully independent in December 2024 after buying out its controlling shareholder, Liberty Tripadvisor Holdings, and removing its dual‑class structure. The company has attracted multiple acquisition offers since, but decided to remain autonomous.