Tripadvisor Shares Surge After Starboard Value Takes 9% Stake

Starboard Value has acquired a 9% stake in Tripadvisor, triggering a 7% jump in the travel platform’s shares during after-hours trading on July 2. The activist investor, known for targeting undervalued companies, called the investment an “attractive opportunity” in a stock exchange filing and said it plans to engage with Tripadvisor’s leadership on ways to unlock value.
The news follows Tripadvisor’s decision earlier this year to halt a potential sale, though CEO Matt Goldberg has since confirmed that strategic alternatives remain under consideration. Starboard’s arrival has revived speculation that Tripadvisor could revisit a sale or spin off key assets such as Viator and TheFork. BTIG’s Jake Fuller noted the potential for Starboard to push for changes including AI-powered trip planning tools, a refreshed membership strategy, and improved on-platform booking features.
Tripadvisor has already begun experimenting with Perplexity for AI-assisted trip planning and continues to evaluate loyalty initiatives, though it previously scaled back its Tripadvisor Plus subscription offering. The company also highlighted in its Q4 2024 earnings report that experiences, primarily led by Viator, are becoming the group’s strategic and financial core. The appointment of former Booking.com executive Pepijn Rijvers as Viator’s president supports this pivot.
The Starboard stake was announced alongside Tripadvisor’s brand refresh as it approaches its 25th anniversary. Speaking at Phocuswright Europe 2025, Goldberg and Rijvers discussed trust, loyalty programs, and AI as core to Tripadvisor’s future strategy, hinting at a potential transformation now bolstered by activist investor pressure.
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