The Tripadvisor logo is displayed on a tablet.
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Tripadvisor stock jumped 17% Thursday after Starboard Value revealed a greater than 9% stake in the net travel company, in line with a securities filing.
The position was valued at about $160 million as of Wednesday’s close.
Tripadvisor shares have been flat because the start of the 12 months after plummeting greater than 30% in 2024. Last 12 months, the travel review and booking company said it created a special committee to explore potential options.
Starboard Value has gained a fame for pushing for changes resembling latest CEOs and value cuts by acquiring significant shares in corporations.
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.
Tripadvisor didn’t immediately reply to CNBC’s request for comment. Starboard declined to comment on the news.
