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Exclusive: Activist investor Starboard Value has taken a significant stake in construction firm Knife River, with plans to push the company to improve its margins or explore a sale, according to people familiar with the matter

We're sunsetting Starboard 🌇 Starboard will no longer be active after August 3. Some pages may remain temporarily viewable for reference. This decision is part of Galxe’s continued focus on the products and infrastructure that best support onchain growth, identity, and user activation. Starboard was built to help projects mobilize their communities through attention, content, and engagement. We’re grateful for the creators, participants, and teams who brought energy to the product and helped shape what it became. As community growth in Web3 continues to move deeper onchain, @Galxe is focusing more of its resources on the products that support real user acquisition, retention, credentials, and identity at scale. @GalxeQuest, Passport, Loyalty Points, Smart Balance and Galxe Rewards Hub will continue to operate as normal. What happens to your rewards. For Starboard campaigns that haven't completed distribution yet, we've preserved all campaign data and shared it directly with the respective project teams. Each project will handle their own reward distribution and post their own announcements going forward. If you have questions about pending points or rewards, please reach out to the specific project behind that Starboard campaign. Galxe will continue to sync and amplify reward announcements from those projects to make sure nothing falls through the cracks. Thank you to every creator and participant who showed up on Starboard. You brought real energy to dozens of projects. That doesn't disappear just because the product does. We carry that spirit forward into everything we build next. Onward 🌠

JEFF SMITH'S STARBOARD JUST OPENED TWO NEW $258M POSITIONS IN LAMB WESTON AND CARMAX Here are their updated largest holdings and every move they made in Q1 2026, as per @ralliesai: Top 10 holdings: 🥇 Qorvo $QRVO: $581M 🥈 Kenvue $KVUE: $471M 🥉 iShares Core S&P Mid-Cap ETF $IJH: $394M 4. Algonquin Power $AQN: $351M 5. Match Group $MTCH: $350M 6. Acacia Research $ACTG: $294M 7. Bill Holdings $BILL: $269M 8. Lamb Weston $LW: $258M (NEW) 9. CarMax $KMX: $258M (NEW) 10. Riot Platforms $RIOT: $192M New positions: - Lamb Weston $LW: $258M - CarMax $KMX: $258M - GPGI $CMPO: $86M - iShares High Yield $HYG puts: $3M - iShares Russell 2000 $IWM puts: $2.7M - Riot Platforms $RIOT puts: $705K Biggest adds: - Riot Platforms $RIOT: +22% shares - TripAdvisor $TRIP: +12% - iShares Core S&P Mid-Cap $IJH: +11% Biggest trims: - Rogers Corp $ROG: -51% shares - Healthcare Realty $HR: -46% - Clearwater Analytics $CWAN: -45% - Fluor $FLR: -44% - News Corp Class B $NWS: -42% - Becton Dickinson $BDX: -32% - Gen Digital $GEN: -26% - Algonquin Power $AQN: -10% Full exits: - Autodesk $ADSK: $297M - Salesforce $CRM: $249M - iShares Russell 2000 $IWM common: $34M (rotated into puts) The rotation: out of enterprise SaaS and broad small-cap. Into two major new activist positions in consumer names plus bearish hedges on high yield and the Russell 2000.