Starboard builds stake in website development platform Wix

Activist hedge fund Starboard Value LP has built a 9% stake in website development platform Ltd. Starboard has been building the stake and spoke to Wix about how it can improve operations, Reuters reported. Wix has been struggling with losses since the fourth quarter of 2021 amid a slowdown in e-commerce driven by rampant inflation and people making fewer purchases online. 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.

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