Tinder, the explosively popular dating app, is now worth $5 billion, reports Bloomberg. Created just 20 months ago, the app syncs with your Facebook profile to scan your area for potential romantic partners. It now matches 10 million users a day.
Tinder's humongous growth is reason enough for its majority owner, Barry Diller's IAC, to buy another large stake in the company — and now the app is worth almost as much as its parent company. IAC purchased another 10 percent of Tinder from venture capitalist and early investor Chamath Palihapitiya for $500 million. That values the company at $5 billion, which is close to IAC's $5.57 billion market capitalization.
The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
Update: IAC CEO Sam Yagan tells Forbes that Tinder's valuation isn't $5 billion. While it's true that IAC did a transaction with Palihapitiya, the valuation "is nowhere near the truth." The firm actually bought a 10 percent stake for $50 million, which puts it at a $500 million valuation.
-
Political cartoons for November 2Cartoons Sunday's political cartoons include the 22nd amendment, homeless camps, and more
-
The dazzling coral gardens of Raja AmpatThe Week Recommends Region of Indonesia is home to perhaps the planet’s most photogenic archipelago.
-
‘Never more precarious’: the UN turns 80The Explainer It’s an unhappy birthday for the United Nations, which enters its ninth decade in crisis
-
Google avoids the worst in antitrust rulingSpeed Read A federal judge rejected the government's request to break up Google
-
Supreme Court allows social media age check lawSpeed Read The court refused to intervene in a decision that affirmed a Mississippi law requiring social media users to verify their ages
-
Nvidia hits $4 trillion milestoneSpeed Read The success of the chipmaker has been buoyed by demand for artificial intelligence
-
X CEO Yaccarino quits after two yearsSpeed Read Elon Musk hired Linda Yaccarino to run X in 2023
-
Musk chatbot Grok praises Hitler on XSpeed Read Grok made antisemitic comments and referred to itself as 'MechaHitler'
-
Disney, Universal sue AI firm over 'plagiarism'Speed Read The studios say that Midjourney copied characters from their most famous franchises
-
Amazon launches 1st Kuiper internet satellitesSpeed Read The battle of billionaires continues in space
-
Test flight of orbital rocket from Europe explodesSpeed Read Isar Aerospace conducted the first test flight of the Spectrum orbital rocket, which crashed after takeoff
