LAST UPDATED: Feb. 12, 2021, 1:03 p.m.
New Delhi (Anish Yande): The CEO of Bumble, Whitney Wolfe Herd, became one of the female billionaires in the world. The shares of Bumble Inc made a strong debuted on the stock market on Thursday. The shares of the dating app rose by more than 76 percent in the trading session, reaching a valuation of $14 billion.
Bumble makes a strong debut on stock market:
The shares debuted at $72 per share at 1:03 p.m. on the New York Stock Exchange. CEO Whitney Wolfe Herd’s stake in Bumble rose to $1.5 billion.
Bumble is a company based in Austin, Texas, which operates Bumble and Badoo. These apps have more than 40 million active users worldwide on a monthly basis.
Bumble is a unique dating app due to its in-built mechanism, which lets women text first when users match with each other. The dating app has a subscription model for users who wish to avail premium features of the app. The company has 1.1 million users who pay for premium features.
In 2020, the dating app had reported revenue of $376.6 million in the first nine months of 2020. Actor Priyanka Chopra and Tennis star Serena Williams have both invested in Bumble.
Whitney Wolfe Herd becomes a billionaire:
Whitney Wolfe Herd has become one of the rare self-made female billionaires. Wolfe Herd has entered the Bloomberg Billionaires Index, which is predominantly comprised of men. According to the index, women currently comprise less than 5 percent of the biggest wealth collections in the world.
Blackstone Ltd, an investor in Bumble, had acquired a majority stake in MagicLab for $3 billion in 2019. MagicLab, which was founded by Andrey Andreev, owned the Badoo and Bumble apps in 2019. Whitney Wolfe Herd was named the CEO of Bumble, after the acquisition of the majority stake by Blackstone.
Bumble is aiming to use the funds from the IPO to reduce its debt and expand its growth internationally. The company would also be looking to carry out acquisitions.
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