(LR) Gary Swidler, Chief Financial Officer, Match Group. Greg Blatt, Match Group Chairman; Sam Yagan, Match Group CEO, OkCupid co-founder and CEO. Nasdaq Vice President Nelson Griggs poses for a photo in Times Square after celebrating Match Group’s initial public offering at the Nasdaq Stock Exchange on November 20, 2015 in New York City.
Andrew Barton Getty Images
Tinder Owner Equity match Shares rose as much as 12% in Tuesday morning trading. The Wall Street Journal reported Elliott Management is sales force and pinteresthad amassed a nearly $1 billion stake in an online dating company.
The stock price significantly pared its gains and closed 3% lower.
The company also owns Match.com and other online dating platforms. The company experienced explosive growth in the early days of the coronavirus pandemic, but has struggled in recent quarters. The company’s market capitalization was $10 billion as of Monday’s close, but that pales in comparison to its 2021 market cap of more than $45 billion.
Citing people familiar with the matter, the magazine reported that Mr. Elliott plans to engage with Match’s management, but it was not clear whether that involvement would include appointing a member of the company’s board.
Some Wall Street analysts remain bullish on Match. In December, JPMorgan named it a top stock, specifically citing Tinder’s return to double-digit growth. However, when the company announced its third quarter earnings in November, it reported that the number of so-called Tinder users continued to decline. The earnings outlook for the fourth quarter was also lower than expected.
There was also a commotion in the corner office.The company has so far Seven CEOs have been appointed since 2012. The turnover rate is Average CEO tenure For 7 years.
A Match spokesperson declined to comment on Elliott, but said the company is “in regular dialogue with our investors and remains committed to delivering great experiences for our users and value for our shareholders.” Ta.
Elliott had a very successful campaign. Besides Salesforce and Pinterest, investors are already involved or are involved. crown castlesuccessfully ousted the CEO of a wireless infrastructure company. phillips 66plans to seek two board seats there, CNBC previously reported.
Jesse Cohn, Elliott’s managing partner who has led many of the company’s recent efforts, previously held seats on the boards of Citrix, eBay and Twitter.
A spokesperson for Elliott Management could not be reached for comment.
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