Bumble listed co-founder becomes the world’s youngest self-made female billionaire


Tencent technology co-founder Whitney Wolfe herd’s net assets rose to $1.5 billion on February 15, thanks to the closing price of Bumble, a dating app, last week, reaching $70.55 a share, becoming the world’s youngest self-made female billionaire.
Bumble shares soared in its initial public offering on Thursday, with Mr. Hurd, 31, holding nearly 12 per cent of the company, worth about $1.5bn. Bumble shares opened at $76, well above the IPO price of $43 a share.
According to bumble’s prospectus, Hurd owns 21.54 million shares, equivalent to 11.6% of the company. She is not only the world’s youngest self-made female billionaire, but also the shortest established female CEO of a listed company in the history of the United States.
Bumble is the successor Match.com After the IPO of parent company match group in 2015, it is the second large-scale dating app to go public. Match group tried to buy Hurd’s company for $450 million in 2017. Earlier Thursday afternoon, bumble was worth $8.6 billion. Match group also owns tinder, a dating app with a market value of $45 billion.
Bumble reported revenue of $417 million in the first nine months of 2020, up from $363 million in the same period of 2019. The match group is much larger, with revenue of $1.7 billion in the first nine months of 2020, compared with $1.5 billion in the same period in 2019.
Since the listing, Austin based bumble has raised a total of $2.2 billion. Most of the money raised will be used to buy or redeem shares from pre IPO owners, including private equity firms Blackstone and Hurd. Blackstone owned nearly 91% of the shares before listing.
The prospectus also details bumble’s $120 million loan to Hurd in January 2020, which was settled one year after Hurd lost $95.5 million worth of bumble shares.
Hurd founded bumble in 2014 shortly after suing former employer tinder for sexual harassment. She claims that her former boss and boyfriend, Justin mateen, had threatened, disparaged text messages and stripped her of her co-founder title at tinder. Tinder denied any wrongdoing and the case was quickly closed in secret.
After leaving tinder, Hurd co founded bumble with Russian billionaire Andrey Andreev, who lives in London. Andre has been developing successful online dating applications for European and Latin American markets. Women dominate Bumble, which is very different from tinder and other online dating apps.
Andrev left bumble in November 2019. Four months ago, Forbes published a survey, which found that under andrev’s leadership, bumble’s London office had charges of discrimination against women, which was inconsistent with bumble’s purpose of empowering women.
The company denied most of the charges and launched an internal investigation led by Doyle Clayton, a British employment law firm. The investigation concluded that the core allegation of the Forbes article was incorrect. Nevertheless, the survey did find that a small number of current and former employees believed that there was “gender discrimination factor” in the company.
Blackstone, a private equity firm, stepped in to buy Andreev’s stake in November 2020, valuing the company at $3 billion.
It was a bumpy journey for Hurd, but bumble caused quite a stir on its first day on the market. “Today bumble has become a public company, and more than 1.7 billion brave women have taken the first step on our app,” she said. Thanks to everyone who helped bumble to this day (Tencent technology reviser / Jinlu)