IAC, now rebranded as People Inc., is undergoing a strategic transformation aimed at enhancing shareholder value through focused capital allocation and divestiture of non-core assets. Following the sale of entities like Turo and Vivian, the company is prioritizing shareholder returns, primarily through stock buybacks. This shift is designed to address the conglomerate discount and align the company's valuation with its fair market value. Analysts believe that IAC's historical inclination towards deal-making could lead to future collaborations with firms such as Entain/BetMGM or Ziff Davis, further developing its core businesses. However, the company faces significant risks, particularly from economic downturns that could impact its cyclical advertising revenues and the performance of MGM Resorts, which is sensitive to consumer confidence. Overall, while IAC's recent stock performance has been disappointing, its strategic initiatives may position it for recovery and growth in shareholder returns.