(Bloomberg) -- Elliott Investment Management has built a stake of about $1 billion in Match Group Inc., the owner of Tinder, Hinge and other dating platforms, the Wall Street Journal reported.
The activist investor plans to push the online dating company to take steps to boost its stock price, the newspaper reported, citing people familiar with the matter. Elliott's specific demands, and whether it plans to pursue nominating director candidates, couldn't be learned, the report said.
“Our team regularly engages with investors and will continue to work to create great experiences for our users and value for our shareholders,” a spokesperson for Match Group said, declining to comment specifically on Elliott.
Shares of Dallas-based Match Group have fallen 10.5% in the past year, leaving it with a market value of about $10.3 billion.
Match rival Bumble Inc. has fared even worse, with its stock dropping 28% in the past year. Bumble founder Whitney Wolfe Herd said in November she was stepping down as chief executive officer.
(Adds Match Group statement in third paragraph.)
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