Starboard Sells Stake in Match Group as Dating Apps Shift

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What happened

Starboard Value LP, the investment fund that’s basically the corporate version of a middle manager with a grudge, sold 4.2 million shares of Match Group (MTCH) during Q3. Their remaining stake? A tidy $391 million, which is like having a fancy coffee every morning while the rest of us sip from a travel mug. The fund’s ownership dropped from 10.2% to 7.36%, which is the financial equivalent of a “maybe later” text message.

What else to know

Starboard’s 7.36% stake in Match Group is still their third-largest holding, which is like being the third most popular kid in class but still getting stuck with the least fun group project.

Top holdings after the filing: QRVO, ADSK, MTCH, BILL, GEN. It’s the investment version of a “friends with benefits” list.

Shares closed at $32.28, up 4.43% year-over-year. But let’s not get excited-this is the stock market’s version of “I’m fine, really.” It’s underperforming the S&P 500 by 6.29 percentage points, which is like being the slowest runner in a race where everyone else is on roller skates.

Company Overview

Metric Value
Price (as of market close 2025-11-14) $32.28
Market Capitalization $7.62 billion
Revenue (TTM) $3.47 billion
Net Income (TTM) $562.09 million

Company Snapshot

Match Group is the LinkedIn of the dating world, offering a portfolio of apps that cater to everyone from “I’m just here to meet people” to “I’m here to meet people and also judge their life choices.” Their business model? Monetize user intent through subscriptions and in-app purchases. It’s like charging for the privilege of being awkward in public.

They’ve got Tinder, Hinge, OkCupid, and a bunch of other apps that all basically do the same thing but with different branding. It’s the corporate version of a reality TV show-same premise, different contestants.

Foolish take

Starboard’s sale is a red flag, but not the “fire alarm” kind. It’s more like a “meh, I’ll get back to you” note. Institutional investors don’t usually make moves without a plan, and this one feels like a “I’m reevaluating my life” moment. Match Group’s user base is softening, but revenue per payer is climbing-like a dating app that’s losing followers but charging more for premium features.

The real drama? Tinder is losing steam while Hinge’s new features are the corporate equivalent of a “rebrand.” But let’s not get ahead of ourselves-product changes take time to show up in revenue, and investors are already acting like they’ve seen the final act of a play they haven’t even bought tickets to.

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For investors, the question is: Can Match Group stabilize its user base while keeping the efficiency gains it’s recently achieved? It’s like asking a dating app to maintain its vibe while also making everyone pay for it. The next phase will hinge on whether Tinder can regain traction and Hinge can keep its momentum. If they fail, the stock might start looking like a “ghosted” relationship.

Glossary

Stake: The corporate version of a “maybe we’ll see.”
Position: How much of a company you’re basically holding a grudge against.
Reportable U.S. equity assets: The things you have to tell the SEC about, like your ex’s Instagram account.
AUM (Assets Under Management): The amount of money a fund is basically bragging about having, even though they might not be managing it very well.
13F assets: Securities that institutional investors must report like they’re confessing to a priest.
Quarter-over-quarter: Comparing your life to last year’s version of yourself, which is always worse.
Filing: The financial equivalent of a tax return-boring, but mandatory.
TTM: The 12-month period ending with the most recent quarterly report. Like a dating profile that’s always 12 months old.

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2025-12-11 03:02