The stock of dating app, Bumble, surged during the initial public offering (IPO) on Thursday (11/2/2020) United States (US) time. It changed the status of its CEO and 31-year-old founder, Whitney Wolfe Herd, to become the youngest female billionaire in the world.
According to Forbes, Bumble’s shares opened at US $ 76, much higher than the initial IPO price of US $ 43 per share.
According to Bumble’s prospectus, Wolfe Herd owns 21.54 million shares, equivalent to 11.6%. The increase made his fortune skyrocket from US $ 575 million to US $ 1.6 billion.
Apart from being the youngest female billionaire in the world, she is also the youngest female CEO ever to take a company public status in the US.
Bumble is The Second Largest Dating App doing IPO
Bumble is the second major dating app to go public after the match group which also owns Tinder. With a price of US $ 76 per share Thursday afternoon, Bumble’s market capitalization is US $ 8.6 billion.
In addition, Bumble also posted revenues of US $ 417 million in the first nine months of 2020, up from US $ 363 million during the same time period in 2019.
Wolfe Herd founded Bumble in 2014 shortly after he sued Tinder, where he previously worked. for sexual harassment. The woman alleged that her former boss and boyfriend, Justin Mateen, had sent insulting text threats and revoked the title of co-founder on Tinder. Tinder has denied wrongdoing, and the case is known to be resolved swiftly and confidentially.
After he left Tinder, Wolfe Herd worked with Andrey Andreev, a Russian billionaire based in London. She had built a successful online dating app for European and Latin American markets, to start Bumble. The factor that sets Bumble apart from other dating apps is that only women can make contact first.
