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Elliott Investment Management has bought a stake in Match Group roughly worth $1 billion. With this stake, the investment company is expected to put pressure on the dating app company to improve its performance.
Elliott Investment Management is entering this deal as an ‘activist investor’, Reuters reports. This means that the investment company will likely use its influence to encourage Match Group leaders to adopt new initiatives.
Addressing its stock prices will be a key focus for Elliot Management, the Wall Street Journal reports.
Match Group is a global leader in the online dating industry, operating popular platforms including Tinder, Hinge, Plenty of Fish, OkCupid, and others.
Despite its strong position within the industry, Reuters points out that the company saw a 12% drop in its stock price in 2023. Furthermore the value of shares in Match Group have decreased by 80% since their peak during COVID-19 pandemic.
“Our team regularly engages with investors, and will continue to work to create great experiences for our users and value for our shareholders”, a Match Group spokesperson told Reuters.
The dating app company will be reviewing its financial results for the fourth quarter of 2023 in a webcast call on January 31st 2024 at 08:30 a.m. Eastern Time (ET).
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