Tinder owner Match Group has appointed two new members to its board of directors and signed a deal with Elliott Management, the company announced Monday. Laura Jones, Instacart's chief marketing officer, and Zillow co-founder Spencer Rascoff will join the company's board effective immediately.
Mutch said in a press release that the changes were based on “constructive dialogue” with the activist investor, as the two companies have an “information-sharing” agreement in place. Today's announcement comes several months after the Wall Street Journal reported that Elliott had acquired an approximately $1 billion stake in the company.
According to the report, Elliott was interested in discussing ways to turn around Match's performance as the company faces a decline in paying users amid economic uncertainty.
“As the global leader in online dating, we believe in the significant value creation opportunity, which is why we are now one of the largest investors in Match Group,” Mark Steinberg, partner at Elliott, said in a press release. ” “We appreciate the collaboration with management and the Board over the past several months and are confident that Laura Jones and Spencer Rascoff will be strong additions to the Board. We believe that perspective will help support our next stage of growth.”
Mr. Elliott has built stocks in technology companies and built a reputation for forcing change. Following Crown Castle and his shakeup of Etsy's board of directors, the activist investor's push to transform the dating company has begun.
In Match's fourth quarter of 2023, the company's total number of paid users was 15.2 million, down 5% year over year. Match stock is down 79% from its peak in 2021, and the company's growth has slowed from the peak reached during the coronavirus pandemic.
Match is the parent company of several popular dating apps, including Tinder, Hinge, Match.com, Meetic, OkCupid, Hinge, Plenty of Fish, and OurTime.