Tripadvisor transforms governance by eliminating controlling shareholder, consolidating dual-class shares, and redomesticating to Nevada, enhancing strategic flexibility. This transaction represents a fundamental governance transformation for Tripadvisor through the elimination of its dual-class share structure. By retiring all 12.8 million Class B shares previously held by Liberty TripAdvisor, the company has transitioned to a single-class structure with no controlling shareholder. This "one share, one vote" framework aligns with governance best practices advocated by institutional shareholders and proxy advisory firms. The removal of a controlling shareholder significantly enhances board independence and strategic optionality. Controlled companies typically face constraints on major corporate decisions requiring controlling shareholder approval.