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Tinder and Hinge Operator competition group Match has added two new directors and signed a deal with Elliott Management, months after activist investors reportedly took a stake in the company declare on Monday.
Instant shopping cart Chief Marketing Officer Laura Jones and Zillo Co-founder Spencer Rascoff will join the company’s board of directors, effective immediately. Mackey said in a news release that the appointments followed “constructive” dialogue and an information-sharing agreement with Elliott. Such agreements give activist investors greater insight into a company’s finances and operations than ordinary investors.
Elliott is one of the most prolific activist investors in the space.In recent months, the company has completed a board shakeup of the telecom REIT crown castle and e-commerce platform etsi.
Match shares are down 2% this year and are down 79% from their 2021 highs. The company has struggled to maintain its leadership position and has replaced its CEO and top executives. The number of paying users, a key metric for investors, has declined for several quarters.
“We are today one of the largest investors in Match Group because we believe the company has the opportunity to create significant value as a global leader in online dating,” Elliott partner Marc Steinberg said in a press release.
The exact size of Elliott’s holdings and his specific plans to turn a profit are unclear. The Wall Street Journal reported in January that the activist had financial interests of about $1 billion.
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