Tripadvisor (TRIP) shares are plummeting after the online travel booker rejected the idea of a potential sale.

The company previously established a special committee to explore the idea of a third-party sale, and after announcing it would not be in its best interest, the stock dropped nearly 30% on the trading day.

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This post was written by Melanie Riehl.

Video Transcript

All right, let's take a look at TripAdvisor.Sorry, that's me.Trip Advisor shares Tan after the travel company rejected the idea of a potential sale.The shares are down by some 30% now.Trip Advisor basically came out and a few months ago and said it had formed a special committee.Yeah, exactly.Said we're exploring options for the company and now has come out and said now, no transaction with a third party is in the best interests of the company and its stockholders.So people did not like that news.No.I mean, the company they reported to and profit results that beat.Right?Um, looks like revenue 395.The expectation was right around there.394 is what I saw.I didn't see guidance offered the CEO talking in a statement.Julie, you know, we're pleased with the results.Solid start to the fiscal year.Continued diversification of portfolio.But to your point bottom line, no deal.No buy out.That's the headline.The stock got wacky.Yeah, and the shares, by the way, are up almost 60% going into today over the past year.But really a lot of that upside coming after they said that they were potentially putting themselves up for sale