Tripadvisor, Inc.

Tripadvisor trades at 6.5x EBITDA, half its peers, because investors still view it as a controlled legacy Tripadvisor.com — sell TheFork, fix Viator margins, revitalize the brand, or take the $18-19/share bid.

Tripadvisor's Board has tolerated ~50% value destruction under CEO Goldberg; Starboard demands a sale of the entire company or will run a majority-slate proxy fight at the 2026 meeting.