The IPO of dating app Bumble and the phenomenal response to it has made the company's founder and Chief Executive Officer (CEO) Whitney Wolfe Herd the youngest woman billionaire.
The shares of the dating app, where women make the first move, soared to as high as $76 from its initial price of $43 per share on its trading debut on Thursday. This took the value of 31-year-old Herd's about 12 per cent stake in the company to $1.5 billion at the end of the day.
Herd took to Twitter to thank the 1.7 billion women who made the first move on the app.
Today, @Bumble becomes a public company. This is only possible thanks to the more than 1.7 billion first moves made by brave women on our app - and the pioneering women who paved the way for us in the business world. To everyone who made today possible: Thank you. #BumbleIPO 💛🐝 pic.twitter.com/OMLNGNvECB- Whitney Wolfe Herd (@WhitWolfeHerd) February 11, 2021
Herd founded Bumble after her stint with Tinder. She had sued Tinder for sexual harassment and alleged that her former boss and boyfriend, Justin Mateen, had threatened to strip her of the title of being the co-founder of Tinder. While Tinder rejected the allegations, the matter was later settled.
Bumble reported revenue of $417 million during January-September 2020 as against $363 million in the year-ago period. Shares of Bumble Inc were trading at over $79 on Friday.
Also read: Bumble will now block users for body shaming