Elliott Financial investment Management has actually taken a substantial stake in online dating business Match Group Inc., and prepares to promote modifications to enhance its stock, the Wall Street Journal reported Monday night.
According to the report, which mentioned sources knowledgeable about the matter, the activist financier has actually constructed an approximately $1 billion stake in Match. The Journal stated Elliott desires Match to take actions to enhance efficiency, though no particular information were reported.
According to FactSet information, Elliott had no substantial stake in Match since Sept. 30, and a billion-dollar stake would likely make it among Match’s leading 2 investors.
” Our group frequently engages with financiers, and will continue to work to develop terrific experiences for our users and worth for our investors,” a Match Group representative stated Monday night. Elliott did not instantly react for remark.
After expanding throughout the height of the pandemic, Match Group has actually seen its development sluggish greatly, and its paying consumers have actually decreased. Match stock
MTCH,.
is down about 13% over the previous 12 months, compared to the S&P 500’s.
SPX
22% gain.
Match Group owns online dating websites such as Match.com, Tinder, Hinge and OKCupid.
In October, Match Group reported flat quarterly earnings and provided a frustrating earnings projection.