Tinder-owner Match Group appointed two new members to its board and signed a deal with Elliott Management, the was announced on Monday. Instacart chief marketing officer Laura Jones and Zillow co-founder Spencer Rascoff will join the board, effective immediately.
Match said in a press release that the appointments followed “a constructive dialogue” with the activist investor, as the two companies have entered into an “information exchange” agreement. Today’s announcement comes just months after The the Wall Street Journal reported that Elliott has built up a roughly $1 billion stake in the company.
The report said Elliott is interested in discussing ways for Match to turn around its performance as the company faces declining payments to users amid economic uncertainty.
“We are one of Match Group’s largest investors today because we believe in its opportunity to create significant value as a global leader in online dating,” Elliott partner Marc Steinberg said in a press release. “We have appreciated working with management and the Board over the past few months and are confident that Laura Jones and Spencer Rascoff are strong additions to the Board. We believe their unique skills and perspectives will help support the Company in its next phase of growth.”
Elliott has built a reputation for building stakes in technology companies and driving change. The activist investor’s push for change at the dating company follows board changes at Crown Castle and Etsy.
At Match’s fourth quarter for 2023, the company’s total paid users fell 5% year over year to 15.2 million. The company’s growth has slowed since the peaks reached during the COVID-19 pandemic, as Match has seen the stock fall 79% from its 2021 high.
Match is the parent company of many popular dating apps, including Tinder, Hinge, Match.com, Meetic, OkCupid, Hinge, Many fishesOurTime and more.
