Activist Investor Starboard Takes 9% Stake in Wix, Reuters Says
September 16 2022 - 5:26PM
Dow Jones News
-- 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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