Tinder owner Match Group names new board directors after Elliott push

In an effort to boost its performance, Match Group, the company that owns Tinder, met with activist investor Elliott Investment Management, and on Monday, Laura Jones, the executive of Instacart, and Spencer Rascoff, the cofounder of Zillow, were named to the board.

For the first time, Match revealed that it had an information-sharing agreement with Elliott, whose advocacy for changes at the dating company comes after the hedge fund's significant victory at wireless tower operator Crown Castle in December.

Marc Steinberg, a partner at Elliott, stated in a statement, “We are confident that Laura Jones and Spencer Rascoff are strong additions to the board, and we appreciate the collaboration with management and the board over the past several months.”

Due to consumer spending reductions driven by economic instability and a dearth of new features, Match’s growth has slowed from its epidemic highs. Insider Faye Iosotaluno was appointed CEO of Tinder by the company in January, only one day after the Wall Street Journal revealed that Elliott had amassed a $1 billion+ investment in the business.

The billionaire Paul Singer formed the activist investor group in 1977, and it compelled Crown Castle to reevaluate its fibre business and remove two board members last year. Jones is the chief marketing officer of Instacart, and Rascoff co-founded Zillow Group in 2006 and has led the company as CEO for ten years.