Starboard’s Jeff Smith Urges Tripadvisor to Explore Sale of TheFork or Entire Company

Starboard Value CEO Jeff Smith called on Tripadvisor (TRIP.O) to consider selling its restaurant reservation platform TheFork—and potentially the entire company—as part of a broader effort to unlock shareholder value. Speaking at the 13D Monitor Active Passive Investment Summit in New York, Smith said Tripadvisor’s brand remains “amazing,” but the company has “a huge opportunity to transform and reimagine the user experience to improve revenue growth.”

Tripadvisor operates three main businesses: its flagship travel review and hotel booking platform, Viator, which specializes in tours and experiences, and TheFork, a restaurant booking service. Smith said TheFork, being “the most easily separable and least integrated” of the trio, could be sold “at an attractive multiple.” He also raised the possibility of divesting or restructuring the entire company to unlock more value.

Starboard, which has built a 9% stake in Tripadvisor this year, has been in discussions with the company’s management for weeks. Smith argued that Tripadvisor is “too cheap for a company that is growing” and highlighted Viator’s potential, calling experience booking “the fastest-growing segment in travel.”

In a statement, Tripadvisor said it “values constructive engagement with all shareholders” and remains committed to driving long-term value.

Smith also pointed to significant cost-cutting opportunities within Tripadvisor’s core brand, especially if revenue growth doesn’t accelerate. The hedge fund’s proposal echoes similar activist campaigns where Starboard has pushed for structural changes and asset sales to boost shareholder returns.