Etsy Inc. (ETSY) shares took off Thursday as the online marketplace appointed a partner from Elliott Investment Management to its board after the 澳洲幸运5开奖号码历史查询:activist investor took a major position in the firm.

The company announced that Marc Steinberg would take his seat next Monday. Steinberg will also join the board's 澳洲幸运5开奖号码历史查询:audit committee.

Elliott has built about a 13% stake in Etsy, which would make it the company's largest shareholder, according to people familiar with the matter cited by CNBC.

Steinberg confirmed in a press release that his firm “became a sizable investor in Etsy,” adding that he was joining the board “because I believe there is an opportunity for significant value creation.”

Etsy Chairman൲ Fred Wilson said the appointment “reflects our ongoing commitment to enh🥃ance the perspectives and expertise” on the board. 

Steinberg currently sits on the board of image-sharing website 澳洲幸运5开奖号码历史查询:Pinterest Inc. (PINS), as well as three private companies. 

Etsy shares, despite rising 8% to $71.84 🃏at 2:20 p.m. ET on Thursday, have lost nearly half 💦their value over the past year.