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Starboard Value Builds 6.5% Stake in Match Group, Urges Changes; Shares Jump 11%

Jul 15, 2024, 11:24 PM

Match Group, the parent company of popular dating apps such as Tinder and Hinge, has drawn the attention of activist investor Starboard Value. The hedge fund has built a stake of more than 6.5% in the company and is advocating for significant changes. Starboard is urging Match Group to improve its growth, profitability, and spending. If these changes are not successful, Starboard is pushing for a possible sale of the company. The news of Starboard's involvement has led to a significant increase in Match Group's stock price, which jumped as much as 11% and 8%+ after hours. This development follows the involvement of other activist investors like Elliott Management and Anson Funds earlier this year, as reported by WSJ.