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Tinder owner Match rises on report Elliott has a $1 billion stake
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investing.comMatch Group's (NASDAQ:MTCH) shares experienced an 8.3% surge in premarket trading Tuesday.
A move higher came following a report by the Wall Street Journal indicating that activist investor Elliott Investment Management has amassed a stake of approximately $1 billion in the dating app company.
According to WSJ, Elliott intends to advocate for measures to enhance Match's stock price. Shares are down 15.7% over the last 52 weeks despite the massive rally in the S&P 500.
However, specific details about the activist investor's demands and whether it plans to pursue nominating director candidates remain undisclosed at this time, the report added.
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