Jeff Smith’s Top 10 Activist Targets and Their Returns Compared to the S&P 500

5. Match Group, Inc. (NASDAQ:MTCH)

Position Initiated: July 2024

Value of the Stake: N/A

Stock Return Since July 2024  to April 2025: -6.24%

S&P 500 Return Since July 2024 to April 2025: -4.65%

Number of hedge funds holding stakes: 50

Match Group, Inc. (NASDAQ:MTCH) is a communication services company that develops digital technology solutions and platforms to facilitate connections between people, with a focus on online dating. Even though the company is the global leader in online dating apps with over 45 brands, it has struggled in recent years. Consequently, Starboard Value LP amassed a 6.6% stake in the company in July of 2024 and started urging the company to explore a potential sale.

The activist hedge fund was pushing for a sale on concerns the company was struggling to revitalize its growth prospects as was the case during the pandemic. Starboard Value LP joined Elliott Investment Management and Anson Funds Management in pushing Match Group for strategic changes, with the company struggling for growth post-pandemic.

In a letter to the company’s board, Jeff Smith reiterated that Match Group, Inc. (NASDAQ:MTCH) had struggled to capitalize on its enviable market position in the online dating business. Consequently, he urged management to consider cost cuts and be more aggressive with buybacks to return value to shareholders. Additionally, the activist investor urged management to consider optimizing Tinder through product innovation.