The activist investment fund Starboard Value has expressed its dissatisfaction with Tripadvisor's management regarding their strategic direction. In a letter dated February 17, 2026, addressed to Tripadvisor's CEO Matt Goldberg and board chairman Greg Maffei, Starboard criticized the company for failing to act on significant opportunities that could enhance shareholder value. The fund argued that despite owning more than 9% of Tripadvisor since July 2025, the management has not demonstrated the urgency needed to implement changes that could unlock substantial value for investors.

Starboard Value is advocating for improvements in Tripadvisor's corporate governance, particularly the restructuring of the board of directors. As Tripadvisor transitions from a controlled to a non-controlled model, the fund believes that refreshing the board's composition is essential. In the latest communication, Jeffrey Smith, a managing member of Starboard, emphasized the need for active dialogue with the management to facilitate an environment conducive to growth and shareholder returns.

In anticipation of the upcoming shareholders' meeting in 2026, Starboard has announced plans to put forth its candidates for board positions, aiming to secure a majority. The outcome of this engagement could signal a turning point for Tripadvisor, as it faces the challenges of adapting its business model amidst industry changes. The situation illustrates the increasing influence of activist investors in shaping corporate strategies and governance, as they seek to hold companies accountable for delivering value to their shareholders.