Starboard Value builds 6.5% stake in GoDaddy, sending shares up 9%


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Activist investor Starboard Value has taken a 6.5% stake in GoDaddy, sparking a rally in stock of the web services company.

The hedge fund bought more than 10,000 shares of GoDaddy, worth about $800 million, according to a regulatory filing. The new stake became the biggest holding for Starboard.

Shares of GoDaddy jumped more than 9% on the news Monday.

The stock is flat on the year even as the company has experienced a surge in online traffic amid the Covid-19 pandemic.

The Wall Street Journal first reported Starboard’s stake.

Starboard Value and GoDaddy did not immediately respond to CNBC’s requests for comment.

Starboard Value’s CEO, Jeff Smith, has been a…


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