Starboard invests in Wix, a website development platform.

Starboard invests in Wix.

Wix is a website development platform.

Starboard Value LP has built a 9% stake in website development platform Wix.com Ltd (WIX.O), the activist hedge fund disclosed in a regulatory filing on Friday.

Wix, an Israel-based company whose stock is listed in the United States, has a market value of roughly $4.4 billion. Its shares have lost 54% of their value this year on concerns about clients not paying enough for its products.

The company posted a loss for the three months to the end of June of $111.2 million, compared to a $37.6 million profit in the corresponding period in 2021.

Wix had 222 million registered users worldwide using its website development tools, many of them for free, as of the end of December. Out of those, only 6 million had premium subscriptions.

Starboard is an activist hedge fund.

Starboard, which is led by Jeff Smith, is one of the industry's most prominent activist investors and is widely known for its operational expertise. It is also an investor in another website development services company, GoDaddy Inc (GDDY.N), where it amassed a stake last year.

The investment was disclosed in a regulatory filing.

The hedge fund has been discussing its ideas with Wix's management and is not seeking board seats at this time, the sources added. Details of Starboard's suggestions to Wix could not be learned from the filing.

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Wix has been struggling with losses.

Wix has adopted a three-year cost-cutting program.

Wix has been struggling with losses and has adopted a three-year cost-cutting program in an effort to become profitable. The company posted a loss for the three months to the end of June of $111.2 million, compared to a $37.6 million profit in the corresponding period in 2021. Wix had 222 million registered users worldwide using its website development tools, many of them for free, as of the end of December. Out of those, only 6 million had premium subscriptions.

Starboard supports Wix's bid to become profitable.

Starboard supports Wix's bid to become profitable and believes that the company has a significant opportunity to improve its margins and grow further. The hedge fund has been discussing its ideas with Wix's management and is not seeking board seats at this time, the sources added. Details of Starboard's suggestions to Wix could not be learned.

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Starboard's suggestions to Wix.

Starboard believes Wix has a significant opportunity to improve its margins and grow further.

Starboard is suggesting that Wix improve its margins and grow further. Starboard believes that Wix can do this by increasing prices, improving the quality of its products, and expanding its customer base.

Details of Starboard's suggestions to Wix could not be learned.

While the specific details of Starboard's suggestions to Wix are not known, it is clear that the hedge fund believes that there is significant room for improvement at the company.

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Wix's stock price.

Wix's shares have lost 54% of their value this year.

Wix's stock price has been struggling this year, with the company's shares losing 54% of their value. This is largely due to concerns about the company's ability to generate revenue and profit. Wix has adopted a three-year cost-cutting program in an attempt to become profitable, but it remains to be seen whether this will be successful.

Wix authorized a $500-million share buyback program.

In an effort to boost its stock price, Wix authorized a $500-million share buyback program. This program will allow Wix to repurchase up to 10% of its outstanding shares. It is hoped that this will help increase shareholder value and confidence in the company.

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