Dating App Bumble Bought for $1.3 Billion

3-line summary

• Ithaca Holdings confirmed it is acquiring Bumble for $1.3 billion, with the company's directors Ravi Gupta and John Hegeman set to become co-CEOs, according to the BBC. Bumble shares, which had already surged on Monday's reports of advanced takeover talks, rose more than 50% as the deal was confirmed, pushing the company's valuation above $580 million — still far below the over $14 billion valuation it reached after its 2021 Nasdaq listing.
• Founder Whitney Wolfe Herd, who also co-founded Tinder, will step down as CEO but said she will remain "actively involved with Bumble" and work closely with the new co-CEOs; her exact future role was not specified. Ithaca Holdings said it aims "to apply frontier technology to renew and accelerate businesses... in a world transformed by AI." Bumble, launched in 2014 around a "women-first" chat rule that it dropped in August this year, has reported a pre-tax profit only once since going public.

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