Match’s stock rises after WSJ report that Elliott has acquired a 10% stake, but pares earlier sharp gains

Shares of Match Group Inc.
MTCH,
+1.07%
rose 2.9% in afternoon trading Tuesday, but pared earlier gains of as much as 12%, after The Wall Street Journal reported that Elliott Investment Management has built up a roughly 10% stake in the online-dating company. The WSJ report said Elliott, which has acquired about $1 billion worth of Match shares — Match’s market capitalization as Monday’s close was $10.3 billion — and plans to discuss with management way to turn the company around. That would make Elliott the second-biggest shareholder in Match, just behind Vanguard’s 11.4% stake, according to FactSet data. “Our team regularly engages with investors, and will continue to work to create great experiences for our users and value for our shareholders,” Match spokesperson said. Match’s stock has shed 11.1% over the past 12 months through Monday, while the S&P 500
SPX,
+0.08%
has gained 22.3%.