Tripadvisor, Inc. (NasdaqGS:TRIP) shares slumped 38% and were on track for their worst day ever on May 8, 2024, after the online travel agency ruled out a possible sale at this time and posted a surprise quarterly loss. Tripadvisor first disclosed in February that Liberty TripAdvisor Holdings, Inc. (OTCPK:LTRP.A), its controlling shareholder, had been approached by at least one bidder for its controlling stake in the travel agency. A special committee formed to explore options, including a potential sale, has determined there is no transaction with a third party that is in the best interests of the company at this time, Tripadvisor said on May 8, 2024.

"The special committee will continue to evaluate proposed alternatives as appropriate. There can be no assurance that any transaction will result," Chief Executive Officer Matthew Goldberg said on a post-earnings call with analysts on May 8, 2024.