Bumble’s shares drop due to leadership shift.
OAN’s Stephanie Stahl
3:09 PM – Monday, November 6, 2023
Bumble, a dating app that boasts about 12.3 million active users, has seen its shares plunge in value after the company’s founder and chief executive Whitney Wolfe Herd announced she will be stepping down.
This change in leadership will take effect January 2nd. Wolfe Herd will step down from her role as CEO and assume the position as executive chair. The young entrepreneur founded Bumble in 2014, which is built on the principle of empowering women by enabling them to take the first step in online dating.
With its initial public offering in 2021, Bumble propelled Wolfe Herd, who was 31 at the time, into the ranks of the world’s youngest self-made female billionaires. Bumble’s stock price surged 63% to $70.31, with a market cap of $20 billion.
However, the Texas-based company’s shares have decreased dramatically since Wolfe Herd’s announcement, closing down 4.4% on Monday.
Lidiane Jones, a longtime tech executive who has been serving since December as the CEO of the workplace communication service Slack, will be taking Wolfe Herd’s place.
In a statement, Wolfe Herd referred to the title change as integral to a new chapter of “growth.”
“This move to Executive Chair gives me the ability to step forward into a new and exciting role, get back to my founder roots and bring immense passion and focus to this next chapter of growth,” Wolfe Herd said in a statement, adding that she and Jones would be “fantastic partners.”
Wolfe Herd began her professional journey by co-founding Tinder, one of the earliest dating apps to gain popularity. She left Tinder in 2014, filing a lawsuit alleging sexual harassment and discrimination, which was eventually settled.
She went on to establish Bumble in collaboration with Andrey Andreev, the former proprietor of Badoo, another dating app. In 2019, she assumed leadership of the merged company when Andreev faced accusations of racism and sexism.
Currently, Bumble serves as the parent entity for four apps—Bumble, Official, Badoo, and Fruitz. The Bumble app has expanded its offerings to facilitate not only romantic connections but also friendships and professional networking.
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How has Bumble evolved since its founding in 2014, and what role does it currently play in the online dating industry
Bumble, a popular dating app that boasts around 12.3 million active users, is experiencing a significant decline in its shares following the announcement of its founder and chief executive Whitney Wolfe Herd stepping down from her role. This leadership change is set to take effect on January 2nd, with Wolfe Herd transitioning to the position of executive chair.
Wolfe Herd, a young entrepreneur, founded Bumble in 2014 with the aim of empowering women in the online dating world by allowing them to make the first move. The company’s initial public offering in 2021 catapulted Wolfe Herd into the ranks of the world’s youngest self-made female billionaires, with Bumble’s stock price surging by 63% to $70.31 and a market cap of $20 billion.
However, since the announcement of Wolfe Herd’s departure, Bumble’s shares have taken a sharp decline, closing down 4.4% on Monday. Lidiane Jones, a seasoned tech executive who has been serving as the CEO of workplace communication service Slack since December, will be stepping into Wolfe Herd’s role.
In a statement, Wolfe Herd expressed that the title change is integral to a new chapter of growth for the company. She emphasized her excitement about returning to her founder roots and bringing immense passion and focus to this next phase, highlighting that she and Jones will make fantastic partners.
Wolfe Herd’s professional journey began with her co-founding Tinder, one of the earliest dating apps to gain popularity. However, she left Tinder in 2014, filing a lawsuit alleging sexual harassment and discrimination, which was eventually settled. She then went on to establish Bumble in collaboration with Andrey Andreev, the former proprietor of Badoo, another dating app. In 2019, Wolfe Herd assumed leadership of the merged company when Andreev faced accusations of racism and sexism.
Currently, Bumble serves as the parent entity for four apps – Bumble, Official, Badoo, and Fruitz. The Bumble app has expanded its offerings beyond romantic connections to include the facilitation of friendships and professional networking.
Despite Wolfe Herd’s departure, Bumble remains a significant player in the online dating sphere, and with Jones taking over as CEO, the company is poised to continue its growth and innovation.
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