Luis Alvarez
Activist Elliott Investment Management has accumulated a roughly $1 billion stake in online dating service Match Group (NASDAQ:MTCH).
Elliott plans to discuss with Match (MTCH), the parent of Tinder, Hinge, and other dating platforms, ideas on fixing the company, according to a WSJ report on Monday, which cited people familiar.
Elliott’s specific demands or if the hedge fund plans to push for directors to be added to the board wasn’t known, according to the WSJ.
The Elliott stake comes as Match (MTCH) shares fell 12% last year. Match rival Bumble (BMBL) dropped 30% last year.
There was speculation in August that Match (MTCH) could be an activist target after Nomura, which is viewed as a counterparty for activist swap positions, added 6.6 million shares, Gordon Haskett’s Don Bilson highlighted at the time.
Elliott is one of the most high profile activist investors and recently took sizeable stakes in Phillips 66 (PSX) and
Crown Castle (CCI).