Barry Diller sells TripAdvisor shares

UPDATED 12:34 PM EST, December 11, 2012

ENGLEWOOD, Colo. (AP) — Barry Diller is stepping down as chairman of TripAdvisor after selling his stake in the travel website to Liberty Interactive.

Liberty Interactive bought 4.8 million shares of TripAdvisor Inc.'s common stock from Diller and The Diller-von Furstenberg Family Foundation for a total of about $300 million, making it the travel website's new majority shareholder.

Shares of TripAdvisor spiked 8 percent to $41.36 in nearly trading Tuesday.

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