Bumble CEO's net worth nears US$2 billion as inventory rallies post debut
14 February, 2021
Bumble Inc CEO Whitney Wolfe Herd's stake in the women-centric internet dating iPhone app operator was worth practically US$2 billion, while shares rallied for another straight day following a blockbuster debut upon Thursday.
Bumble, supported by Blackstone Group Inc, was valued in US$15.69 billion on Friday, with its stock price almost doubling from the original public offering price of US$43 per share, underscoring investor's insatiable desire for food for tech shares in a buoyant U.S. equities market.
Wolfe Herd owns 21.5 million shares in Bumble, equating to a 11.6per cent stake, regulatory filings showed.
With the blockbuster IPO, Wolfe Herd, 31, became the youngest female CEO to ever have a company public as she rang the opening bell from Bumble's Austin-based offices with her one-year-old son by her side.
The women-first approach has set Bumble apart in a competitive online dating marketplace, Wolfe Herd told Reuters on Thursday.
Bumble users will pay for premium offerings to possess a deeper degree of connection or a different approach to interconnection, said Wolfe Herd, listing offering incognito mode as a popular feature for folks to browse others' account while being anonymous.
Wolfe Herd, who graduated with a good degree in International Studies from the Southern Methodist University's Dedman University of Humanities and Sciences, launched the Bumble application in 2014.
Wolfe Herd is also a co-founder of rival app Tinder, which she down the road sued, alleging that her co-founders subjected her to sexual harassment. Tinder mother or father Meet Group Inc, which denied the allegations, paid about US$1 million to stay the dispute.
Bumble's shares were up 13.5per cent in afternoon trade on Friday, after rising as much as 20.6per cent to US$84.8 earlier in the session.
Source: www.channelnewsasia.com
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