WIX Wix com Ltd

-- Starboard Value LP has taken around a 9% stake in Wix.com Ltd. and has spoken to the company about how it can improve its operations, Reuters reported, citing people familiar with the matter.

-- The activist investor supports Wix's efforts to become profitable and believes the website design and development platform has a significant opportunity to improve its margins and grow further, the report said. Starboard has been discussing its ideas with Wix's management and isn't seeking board seats at this time, Reuters reported.

-- Wix shares rose 5.9% to $78 in after-hours trading following the report.

-- Wix didn't immediately respond to a request for comment from Dow Jones Newswires.

Full story at https://www.reuters.com/markets/deals/exclusive-starboard-built-stake-website-development-platform-wix-sources-2022-09-16/

Write to Denny Jacob at denny.jacob@wsj.com

(END) Dow Jones Newswires

September 16, 2022 17:11 ET (21:11 GMT)

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