Tripadvisor stock surges 10% as Starboard Value builds sizable stake in online travel company

Tripadvisor's stock experienced a significant surge of 10% on Thursday following the announcement by Starboard Value of their acquisition of a stake exceeding 9% in the travel platform. This investment was valued at approximately $160 million based on the closing price from Wednesday. The increase in Tripadvisor's share price comes after a stagnant performance throughout the year, with the company's value having dropped over 30% in 2024. Previously, the travel review and booking site had established a special committee aimed at exploring various strategic options to enhance its market position. Starboard Value, known for advocating for corporate changes including new leadership and cost-reduction strategies, has a history of making impactful moves after buying significant shares in companies. Recently, they concluded a proxy battle with Autodesk, securing two seats on the board. Their track record includes urging transformations at well-known firms such as Match Group, Pfizer, and Salesforce. The Wall Street Journal first reported on this development late Wednesday evening. As of now, neither Starboard Value nor Tripadvisor has responded to inquiries from CNBC regarding this partnership.