TripAdvisor Just Got a Starboard Jolt: Why the Activist Stake Could Reshape the Travel Giant

TripAdvisor has been thrust back into the spotlight following activist investor Starboard Value’s disclosure of a 9% stake in the company. The move comes on the heels of major strategic shifts at the travel-review giant, including the completion of its buyout of Liberty TripAdvisor Holdings, the removal of its dual-class share structure, and a renewed push to stabilize its legacy business while scaling up its Viator and TheFork segments. The investment, estimated at around $160 million, instantly made Starboard one of TripAdvisor’s top shareholders and sent the stock surging more than 16% on the news. TripAdvisor’s stock had been down roughly 17% in the year prior to the announcement, as concerns over growth in its core brand persisted. However, the company’s portfolio of assets — particularly its experiences OTA Viator and its European dining platform TheFork — presents a compelling platform for margin expansion and valuation rerating, which likely underpins Starboard’s bullish stance.