Activist investor Starboard Value, led by Jeff Smith, significantly reduced its position in TripAdvisor (TRIP) during the second quarter of 2026. According to a mid-August SEC filing, the firm sold 5.68 million shares, cutting its stake by nearly 53% to 5.10 million shares. This disclosure reflects trading activity that occurred between April 1 and June 30, 2026.
The sale follows a period of intense activism by Starboard, which began after it acquired a 9% stake in July 2025. In early 2026, the firm publicly pushed for a board refresh and a potential sale of the company, citing underperformance. This led to a cooperation agreement in March that appointed four new directors aligned with Starboard to TripAdvisor's board. The large share sale could indicate a partial exit after successfully influencing corporate strategy.