Elliott Investment Management has taken a major stake in online dating company Match Group Inc. and plans to push for changes to boost its stock, the Wall Street Journal reported Monday night.
According to the report, which cited sources familiar with the matter, the activist investor has built a stake worth about $1 billion in Match. The newspaper said Elliott wants Match to take steps to improve performance, although specific details were not reported.
According to FactSet data, Elliott did not have a significant stake in Match as of September 30, and a $1 billion stake would make her one of Match's largest shareholders.
“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 said Monday night. Elliott did not immediately respond for comment.
After thriving during the height of the pandemic, Match Group has seen its growth slow sharply, and the number of its paying customers has declined. MTCH stock matching,
It's down about 13% over the past 12 months, compared to the S&P 500 SPX's gain of 22%.
Match Group owns online dating sites like Match.com, Tinder, Hinge, and OKCupid.
In October, Match Group reported flat quarterly revenue and issued a disappointing revenue forecast.
