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  "documentTitle": "Tripadvisor, Inc. (TRIP)",
  "authorId": "03_Starboard_Value",
  "authorName": "Jeffrey C. Smith",
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  "presentationDate": "2026-02-17 00:00:00",
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  "notes": "The slide uses rhetorical questions ('how is this possible?') to frame management's actions as negligent.",
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      "text": "Since Mr. Goldberg was appointed CEO on July 1, 2022, Tripadvisor's stock price has declined by nearly 50%, underperforming the broader market by more than 100%.",
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      "text": "Indexed price performance chart comparing Tripadvisor stock to the Russell 2000 index from July 2022 to Jan 2026.",
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      "text": "stock price performance: (48%)",
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      "text": "In January 2025, Tripadvisor received an acquisition offer for $18.00 to $19.00 per share, approximately a 95% premium to the current stock price, and decided not to even engage on a potential transaction.",
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      "kind": "paragraph",
      "text": "Unfortunately, throughout our engagement, we have consistently been faced with the reality that change at Tripadvisor has been either non-existent or far too slow and far too limited.",
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      "text": "Market data as of February 13, 2026. Market is defined as the Russell 2000 index. Liberty TripAdvisor Holdings Inc. Schedule 14A from March 24, 2025. Tripadvisor FY 2025 10-K from February 13, 2026.",
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      "text": "Tripadvisor vs. Russell 2000 Indexed Price Performance During CEO Matt Goldberg's Tenure",
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