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  "documentTitle": "Tripadvisor, Inc. (TRIP)",
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  "authorName": "Jeffrey C. Smith",
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  "notes": "This is the first page of a shareholder letter from Starboard Value to Tripadvisor.",
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      "kind": "callout",
      "text": "Unfortunately, as the saying goes, talk is cheap, and Tripadvisor has only been willing to talk, rather than commit to meaningful change.",
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      "text": "Dear Greg, Matt, and Members of the Board, Starboard Value LP (together with its affiliates, “Starboard” or “we”) is a large shareholder of Tripadvisor, Inc. (“Tripadvisor” or the “Company”) with a greater than 9.0% ownership stake.",
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      "text": "February 17, 2026. Tripadvisor, Inc. 400 1st Avenue, Needham, Massachusetts 02494. Attn: Greg Maffei, Chairman; Matt Goldberg, Chief Executive Officer; Board of Directors. cc: Mike Noonan, Chief Financial Officer.",
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      "text": "We have repeatedly communicated that the status quo pace of change is unacceptable in an environment where speed matters and where incumbents are at risk of being disintermediated.",
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      "text": "We continue to believe there is a significant opportunity to unlock value at Tripadvisor. However, we are frustrated by the Company’s lack of urgency in taking action to address this value creation opportunity.",
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