Elliott Investment Management, an activist investor, has recently acquired a substantial stake in online dating company Match Group Inc., with plans to advocate for changes that will boost its stock performance, as reported by the Wall Street Journal.
According to sources familiar with the matter, Elliott has amassed a staggering $1 billion stake in Match. The investment firm aims to drive improvements in Match’s performance, although specific details of these initiatives were not disclosed.
As of September 30, according to FactSet data, Elliott did not hold a significant stake in Match. However, its current billion-dollar position would position it as one of Match’s top two shareholders.
Both Match Group and Elliott declined to comment on the matter at this time.
While experiencing rapid growth during the peak of the pandemic, Match Group has encountered a marked slowdown in its progress, resulting in a decline in its paying customer base. Over the past 12 months, Match stock (MTCH) has witnessed a decrease of approximately 13%, in contrast to the S&P 500’s 22% gain.
Under its umbrella, Match Group operates popular online dating platforms such as Match.com, Tinder, Hinge, and OKCupid.
In its most recent quarterly report released in October, Match Group announced flat revenue figures and issued a revenue forecast that fell short of expectations.
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