Whitney Wolfe Herd, CEO of Bumble
The dating app Bumble saw it shares go sky-high after it IPO on Thursday, making the 31-year-old CEO and founder Whitney Wolfe Herd, the youngest self-made woman billionaire in the world. As of 12:40 pm EST on Thursday her 12% stake in the company was worth a whooping $1.6 billion. (So long Elizabeth Holmes)
Bumble stock opened at $76, much higher than its initial IPO price of $43 per share. The company made its debut hours after the markets opened on Thursday.
Now I think it is also worth knowing that Whitney Wolfe Herd who owns 21.54 million shares at Bumble is not just the youngest self-made woman billionaire, but she is also the youngest ever female CEO to take a company public in the United States.
After Match.com which went public in 2015, Bumble is the second l argest dating app to go public. If we could actually recall back in 2017, Match Group tried acquiring Bumble for $450 million.
Right now Bumble has a market value of $8.6 billion at $76 per share as of early Thursday. Now note, Match Group is also the owner of Tinder which has a market capitalization of $45 billion. (Well that a slam dunk)
In the first nine months of 2020, Bumble reported a revenue of $417 million which is a great up from their $363 million the previous year.
Now I would say it is kinda inappropriate to actually compare Whitney Wolfe’s company with Match Group as the differences can be clearly seen in their stats. Just for clarity; Match Group reported a $1.7 billion revenue in the same first nine months of 2020 and reported $1.5 billion the year before.
Now here’s a brief rundown on how Bumble came to be. Whitney Wolfe Herd started Bumble back in 2014 after she sued Tinder, the company she used to work for. She sued Tinder for sexual harassment.
Whitney Wolfe Herd sued her used-to-be boss and boyfriend, Justin Mateen, who she claimed sent threats and some very disturbing text messages to her, and then finally stripping her of the co-founder title.
What differentiates Bumble from the other dating apps like Tinder, is the fact that Bumble allows only women to make the first move or reach out first.
Now I must say, Whitney Wolfe Herd and Bumble has been through a very rough ride but Bumble made quite the headlines on Thursday.
In a tweet she wrote “Today, @Bumble becomes a public company. This is only possible thanks to more than 1.7 billion first moved made by brave women on our app – and pioneering women who paved the way for us in the business world. To everyone who made today possible: Thank you. #BumbleIPO.”
Huge shout-out to Bumble from everyone here at Techcopp and now lets just hope Bumble keeps excelling.