What's Next for Tripadvisor Now That it Has an Activist Investor?

An activist investor might be just what Tripadvisor needs now that its corporate structure has changed. Analysts have plenty of ideas on what that investor might advocate for, although so far Starboard Value hasn't publicly discussed a game plan.

Sell Viator and/or TheFork? Change Tripadvisor's name to Viator? Repurchase shares? Speed up the monetization of Tripadvisor's user reviews in the AI era?

These are among the strategy options that an array of analysts discussed following the news that Starboard Value, an activist investor, took a 9% stake in Tripadvisor.

Starboard said in a financial filing that it believes Tripadvisor's shares were undervalued, but it has not stated publicly what, if any, changes it might pressure the company to make in discussions with management. Starboard did not respond to requests for comment.

Tripadvisor said in a statement to Skift: "We value constructive engagement with all of our shareholders and appreciate their feedback as we continue to grow our business as the world’s most trusted source for travel and experiences. The Tripadvisor Board of Directors and management team are committed to driving long-term value for our shareholders."

In a view backed by several analysts, Morningstar's Dan Wasiolek wrote in an investor note that Starboard could push Tripadvisor to sell its experiences brand, Viator, which generated 46% of Tripadvisor revenue in 2024.

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