TripAdvisor announced Tuesday that company leadership has been meeting with Starboard Value, an activist investment firm that holds approximately 9% of the travel website’s stock and is demanding significant changes to corporate leadership.
Starboard Value delivered harsh criticism in a letter released Tuesday, pointing out that TripAdvisor’s stock price has dropped almost 50% under CEO Matt Goldberg’s leadership since he assumed the role in 2022, with shares recently reaching historic lows.
The investment firm announced plans to challenge current leadership, stating: “During the company’s upcoming window for shareholders to submit director nominations with respect to the Company’s 2026 annual meeting of shareholders, we intend to nominate a highly-qualified slate of directors representing a majority of the Board.”
Starboard Value is demanding that TripAdvisor seriously consider selling the entire business and expressed frustration with the slow progress in reviewing what to do with TheFork, the company’s restaurant reservation platform.
The activist investor also criticized TripAdvisor’s sluggish response to artificial intelligence developments, expressing concern that the company risks being left behind as AI transforms how people search for travel information online.
TripAdvisor defended its current approach, with company officials stating that leadership remains committed to shareholder interests and will continue working on strategies for long-term sustainable growth.
“Management and the Board are focused on pursuing all avenues to drive value for shareholders,” the company responded.
Starboard Value has not yet provided additional comments regarding TripAdvisor’s response to their demands.
