March 17, 2021

Bumble IPO makes CEO Whitney Wolfe Herd a billionaire

[] Bumble IPO makes CEO Whitney Wolfe Herd a billionaire | Fortune© 2020 Fortune Media IP Limited. All Rights Reserved. Use of this site constitutes acceptance of our u003ca href="https://fortune.com/terms-of-use/">Terms of Useu003c/a> and u003ca href="https://fortune.com/privacy-policy/">Privacy Policyu003c/a> | u003ca href="/california-privacy-policy/#notice">CA Notice at Collection and Privacy Noticeu003c/a> | u003ca href="https://fortune.com/right-to-opt-out/">Do Not Sell My Personal Informationu003c/a> | u003ca href="http://preferences-mgr.trustarc.com/?pid=fortunemedia01&aid=fortunemedia01_pub&type=fortunemedia">Ad Choices u003c/a>u003cbr />nFORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. FORTUNE may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.u003cbr />nQuotes delayed at least 15 minutes. 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","type":"post"},"children":[{"name":"byline","config":{"link":"https://fortune.com/author/shawn-tully/","name":"Shawn Tully"},"children":[]},{"name":"image","config":{"aspectRatio":0.6666666666666666,"attachmentId":2958290,"alt":"Rising Interest Rates-Graph Concept","caption":"Rising interest rates could be a killer for stocks.","crops":[],"height":1920,"imageSize":"article-sidebar","lazyload":true,"lqipSrc":"https://content.fortune.com/wp-content/uploads/2021/02/Rising-Interest-Rates-Graph-Concept-GettyImages-1303546981.jpg?quality=60&resize=60,40","postId":2958044,"retina":true,"showCaption":false,"sources":[{"default":true,"transforms":{"resize":[130,86]},"descriptor":100}],"sourceTags":[],"src":"https://content.fortune.com/wp-content/uploads/2021/02/Rising-Interest-Rates-Graph-Concept-GettyImages-1303546981.jpg","srcset":"https://content.fortune.com/wp-content/uploads/2021/02/Rising-Interest-Rates-Graph-Concept-GettyImages-1303546981.jpg?resize=260,172 200w,https://content.fortune.com/wp-content/uploads/2021/02/Rising-Interest-Rates-Graph-Concept-GettyImages-1303546981.jpg?resize=130,86 100w","url":"https://content.fortune.com/wp-content/uploads/2021/02/Rising-Interest-Rates-Graph-Concept-GettyImages-1303546981.jpg","useBasicImg":false,"usingDataFallback":false,"width":2880,"fallbackImageUrl":"data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///yH5BAEAAAAALAAAAAABAAEAAAIBRAA7","picture":false,"sizes":"100px"},"children":[]},{"name":"byline","config":{"link":"https://fortune.com/author/shawn-tully/","name":"Shawn Tully"},"children":[]}]}]},{"name":"advertising-slot","config":{"align":"center","lazyload":true,"useDynamicChannel":false,"placementName":"RightRailFlex_Articles","slotId":"RightRailFlex_Articles1","themeName":"article","targeting":{"placement_name":"RightRailFlex_Articles","index":2}},"children":[]},{"name":"dianomi","config":{"type":"sidebar"},"children":[]},{"name":"advertising-slot","config":{"align":"center","lazyload":true,"useDynamicChannel":false,"placementName":"RightRailFlex_Articles","slotId":"RightRailFlex_Articles2","themeName":"article","targeting":{"placement_name":"RightRailFlex_Articles","index":3}},"children":[]}]},{"name":"article-media","config":{"publishDate":"","type":"video","section":"Newsletters"},"children":[{"name":"brightcove-video","config":{"accountId":"2111767321001","disableAds":false,"disableAutoplay":false,"disableContinuousPlay":false,"disableViewplay":false,"isLeadVideo":false,"loop":false,"playerId":"HDNR3TkSj","stickyPlayerOff":false,"silentlyAutoplay":true,"videoId":"6231351886001","section":"Newsletters"},"children":[]}]},{"name":"article-body","config":{"mediaType":"video","premiumCategory":"P-Newsletter"},"children":[{"name":"gutenberg-content","config":{},"children":[{"name":"html","config":{"content":" u003cp>u003cem>This is the web version of u003ca rel="noreferrer noopener" href="https://mynewsletters.fortune.com/data-sheet" target="_blank">Data Sheetu003c/a>, a daily newsletter on the business of tech. Sign up to get it delivered free to your inbox. u003c/em>u003c/p> u003cp>It may be the depths of winter in much of the country, but the IPO market remains as hot as a sizzling steak in July and the latest entrant has some special sauce worth noting.u003c/p> u003cp>Dating app purveyor u003ca href="https://fortune.com/2021/02/11/bumble-ipo-stock-price-bmbl-shares-whitney-wolfe-herd-net-worth-billionaire-stock-market-update/">Bumble went public at $43 a shareu003c/a> on Thursday, up from a range reaching as low as $28 a share just a few weeks ago. Then it opened at $76, up 77%, before settling down and closing at $70.31. That means the company is now worth over $13 billion and founder/CEO Whitney Wolfe Herd's stake is worth about $1.5 billion.u003c/p>u003cp>u003c!-- piano selector -->u003c/p>u003cdiv class="paywall"> u003cp>Please have your debate without me about whether this confirms the stock market bubble. I'm also ducking out of the discussion over whether this means Bumble left too much money on the table and should have structured its deal as a direct listing, a SPAC merger, or a cryptocurrency token backed by Redditors issued on Robinhood.u003c/p> u003cp>Instead, let's focus on Bumble. Bumble's namesake dating app came with a twist: Women were in charge of signaling their interest to men, and not the other way around. By last year, 12.3 million monthly active users were sending 150 million messages a day with prospective daters.u003c/p> u003cp>The success for founder and CEO Whitney Wolfe Herd, at 31 the youngest-ever woman CEO to take a company public, required that she fight through a tangled path of sexism and disputes. u003c/p> u003cp>Wolfe Herd was head of marketing and a co-founder at OG dating app Tinder but left in 2014 after another co-founder sent her abusive, sexist emails and messages. Her lawsuit was u003ca href="https://www.businessinsider.com/whitney-wolfe-settles-sexual-harassment-tinder-lawsuit-1-million-2014-11">settled out of courtu003c/a> for over $1 million. She then partnered with Russian billionaire Andrey Andreev, whose own dating app Badoo was popular in Europe and Latin America but had a reputation for boorish users. Next came the blockbuster report in u003cem>Forbesu003c/em> almost two years ago that Andreev's company was rife with "u003ca href="https://www.forbes.com/sites/angelauyeung/2019/07/08/exclusive-investigation-sex-drugs-misogyny-and-sleaze-at-the-hq-of-bumbles-owner/">sex, drugs, misogyny and sleazeu003c/a>." Within months, private equity shop Blackstone took over, u003ca href="https://www.ft.com/content/1f179d7c-0249-11ea-be59-e49b2a136b8d">anointingu003c/a> Wolfe Herd as CEO and sending Andreev packing. She cleaned up the mess and improved the reputation of Badoo.u003c/p> u003cp>Still there are challenges. After the Blackstone takeover and restructuring, revenue for the first nine months of 2020 rose only 15% from the same period in 2019. And a net profit of $75 million for that part of 2019 turned into a net loss of $117 million.u003c/p> u003cp>Wolfe Herd spoke to my colleague Emma Hinchliffe on Thursday and u003ca href="https://fortune.com/2021/02/11/bumble-ipo-ceo-whitney-wolfe-herd-bmbl-stock-shares-interview-app-initial-public-offering/">emphasized the opportunityu003c/a> for Bumble to expand beyond dating. The company already has apps for business networking and platonic friendship. "A lot of the dating products that have come before us have been really focused on product and haven’t really extended beyond that," Wolfe Herd said. u003c/p> u003cp>She also said that she'd like to see her mark of being the youngest CEO taking a company public beaten. "We’re excited to hopefully have this record be broken soon; we are very excited to cheer on the next woman who beats this record."u003c/p> u003cp>u003cstrong>Aaron Pressmanu003c/strong>u003cbr>u003ca href="https://twitter.com/ampressman?lang=en">@ampressmanu003c/a>u003cbr>u003ca href="mailto:aaron.pressman@fortune.com">aaron.pressman@fortune.comu003c/a>u003c/p> u003cp>u003cem>Fortune's offices are closed on Monday for President's Day. Data Sheet will be back in your inbox on Tuesday.u003c/em>u003c/p> u003ch3>NEWSWORTHYu003c/h3>nu003cp>u003cstrong>Munch all you want, we’ll make more.u003c/strong> The Biden administration is crafting an executive order to help alleviate the u003cstrong>semiconductor shortageu003c/strong> currently slowing production of cars, laptops, and other items. The u003ca href="https://thehill.com/policy/technology/538474-biden-to-sign-executive-order-addressing-chip-supply-chain-shortage">pretty vague effort so faru003c/a> is “currently identifying potential chokepoints in the supply chain and actively working alongside key stakeholders in industry and with our trading partners to do more now,” White House press secretary Jen Psaki announced on Thursday. In an unrelated move that could help in the long term, u003cstrong>Samsungu003c/strong> u003ca href="https://www.anandtech.com/show/16483/samsung-in-the-usa-a-17-billion-usd-fab-by-late-2023">announcedu003c/a> it will spend $17 billion to build a chip plant in U.S.u003c/p>nu003cp>u003cstrong>Bits and bytes of the world, unite.u003c/strong> Workers at the online publishing platform u003cstrong>Mediumu003c/strong> say they are u003ca href="https://www.theverge.com/2021/2/11/22278684/medium-union-unionizing-communications-workers-america">forming a unionu003c/a> under the auspices of the u003cstrong>Communications Workers of Americau003c/strong>, the latest move for tech workers to seek stronger labor protections. Medium management said it is “assessing the appropriate next steps.”u003c/p>nu003cp>u003cstrong>My cryptos ready to explode, explode, explode.u003c/strong> More u003ca href="https://fortune.com/2021/02/11/bitcoin-price-mastercard-bny-mellon-crypto/">mainstream financial institutions embraced bitcoinu003c/a>, sending the digital currency’s price close to $50,000. u003cstrong>Bank of New York Mellonu003c/strong> said it would deal in u003cstrong>Bitcoinu003c/strong> and other cryptocurrencies for its customers. And u003cstrong>Mastercardu003c/strong> is engaging with central banks around the world that want to issue their own digital currencies.u003c/p>nu003cp>u003cstrong>iPhone apps that taste goodu003c/strong>. We’ve previously highlighted some of u003ca href="https://fortune.com/2020/12/16/apples-privacy-labels-could-change-how-apps-collect-your-data/">the strengths and weaknessesu003c/a> with u003cstrong>Apple’su003c/strong> new required privacy disclosure labels for mobile apps. Now the House Committee on Energy & Commerce is getting involved, u003ca href="https://9to5mac.com/2021/02/11/apple-urged-to-improve-app-privacy-labels/">sending a letteru003c/a> to Apple CEO Tim Cook urging the company to “ensure consumers are provided meaningful information” and “not harmed by these potentially deceptive practices.”u003c/p>nu003cp>u003cstrong>A.I. in the closetu003c/strong>. Remember the amazing but scary u003ca href="https://www.youtube.com/watch?v=fUyU3lKzoio">videou003c/a> from u003cstrong>Boston Dynamicsu003c/strong> of their robot Spot opening doors and what not? In u003ca href="https://www.youtube.com/watch?v=6Zbhvaac68Y">a new videou003c/a>, they’ve given Spot a giant arm and the robot has all sort of new tricks. It’s incredible but I’m not sure how well I’ll sleep tonight.u003c/p>nu003ch3>FOOD FOR THOUGHTu003c/h3>nu003cp>Two years ago, u003cem>Bloomberg Businessweeku003c/em> published a story on alleged Chinese hacking of products from server maker Supermicro. The story was denounced as false by various companies including Apple and Amazon plus some government agencies. Now Bloomberg reporters Jordan Robertson and Michael Riley u003ca href="https://www.bloomberg.com/features/2021-supermicro/?sref=b0SdE1lu">are back with a sequelu003c/a>. No new details about Apple or Amazon this time.u003c/p>nu003cp>u003cem>With additional reporting, it’s now clear that the Businessweek report captured only part of a larger chain of events in which U.S. officials first suspected, then investigated, monitored and tried to manage China’s repeated manipulation of Supermicro’s products.u003c/em>u003c/p>nu003cp>u003cem>Throughout, government officials kept their findings from the general public. Supermicro itself wasn’t told about the FBI’s counterintelligence investigation, according to three former U.S. officials. The secrecy lifted occasionally, as the bureau and other government agencies warned a select group of companies and sought help from outside experts.u003c/em>u003c/p>nu003ch3>FOR YOUR WEEKEND READING PLEASUREu003c/h3>nu003cp>A few great long reads I came across this week:u003c/p>nu003cp>u003ca href="https://www.bloomberg.com/news/features/2021-02-09/this-is-how-tim-cook-transformed-apple-aapl-after-steve-jobs">u003cstrong>Apple Is the $2.3 Trillion Fortress That Tim Cook Builtu003c/strong>u003c/a> (u003cem>Bloomberg Businessweeku003c/em>)u003cbr />Trade war? Pfft. Trump? Please. Antitrust? Zuck’s prob. (Ditto privacy.) Revenue? Endless.u003c/p>nu003cp>u003ca href="https://www.theringer.com/2021/2/9/22271651/gamestop-stock-amc-animal-crossing-wall-street-bets">u003cstrong>Before Reddit Disrupted the Stock Market, It Cracked the Economy of ‘Animal Crossing’u003c/strong>u003c/a> (The Ringer)u003cbr />The rush on so-called “meme stocks” in January and early February may have had an unlikely forebear: the turnip market in the hit Nintendo game.u003c/p>nu003cp>u003ca href="https://www.theguardian.com/technology/2021/feb/03/jeff-bezos-and-the-world-amazon-made">u003cstrong>A managerial Mephistopheles’: inside the mind of Jeff Bezosu003c/strong>u003c/a> (u003cem>The Guardianu003c/em>)u003cbr />The Amazon founder’s relentless quest for ‘customer ecstasy’ made him one of the world’s richest people – now he’s looking to the unlimited resources of space. Is he the genius our age of consumerism deserves?u003c/p>nu003cp>u003ca href="https://www.smithsonianmag.com/history/true-history-and-swashbuckling-myth-behind-tampa-bay-buccaneers-namesake-180976918/">u003cstrong>The True History and Swashbuckling Myth Behind the Tampa Bay Buccaneers’ Namesakeu003c/strong>u003c/a> (u003cem>Smithsonianu003c/em>)u003cbr />Pirates did roam the Gulf Coast, but more myths than facts have inspired the regional folklore.u003c/p>nu003ch3>IN CASE YOU MISSED ITu003c/h3>nu003cp>u003cstrong>u003ca href="https://fortune.com/2021/02/11/stonks-stock-market-gamestop-reddit-wallstreetbets-ai-hedge-funds-losses-gme-amc/">The ‘stonks’ market caught the A.I. algorithms off guard, toou003c/a>u003c/strong> u003cem>By Jeremy Kahnu003c/em>u003c/p>nu003cp>u003cstrong>u003ca href="https://fortune.com/2021/02/11/which-super-bowl-advertiser-got-the-worst-return-on-its-investment/">Which Super Bowl advertiser got the worst return on its investment?u003c/a>u003c/strong> u003cem>By Geoff Colvinu003c/em>u003c/p>nu003cp>u003cstrong>u003ca href="https://fortune.com/2021/02/11/addressing-the-crisis-facing-moms-with-policy-for-women-by-women/">Addressing the crisis facing moms with policy for women, by womenu003c/a>u003c/strong> u003cem>By Kristen Bellstrom and Emma Hinchliffeu003c/em>u003c/p>nu003cp>u003cstrong>u003ca href="https://fortune.com/2021/02/11/ev-charging-stations-1-million-europe-electric-vehicles-environtmentalism-car-industry/">Automakers and environmentalists unite in call for 1 million European EV charging stationsu003c/a>u003c/strong> u003cem>By David Meyeru003c/em>u003c/p>nu003cp>u003cstrong>u003ca href="https://fortune.com/2021/02/11/business-technologies-2021-cloud-computing-automation-5g-esg-supply-chain/">The technologies driving business transformation in 2021u003c/a>u003c/strong> u003cem>By Alex Holt and Mark Gibsonu003c/em>u003c/p>nu003cp>(u003cem>Some of these stories require a subscription to access. Thank you for supporting our journalismu003c/em>.)u003c/p>nu003ch3>BEFORE YOU GOu003c/h3>nu003cp>By now, you have probably seen u003ca href="https://www.youtube.com/watch?v=qcnnI6HD6DU">the hilarious footageu003c/a> of lawyer Rod Ponton appearing in a Zoom court hearing as a giant cat. “I’m here, live, I’m not a cat,” he says plaintively. Many have since searched in vain for the filter that Ponton used. It’s not part of Zoom at all, however.u003c/p>nu003cp>As Dell’s global chief of technology for products, John Roese, explained at yesterday’s Brainstorm Tech event, Ponton’s ancient computer setup apparently included an ancient webcam and cat filter software from Dell. Roese was a bit alarmed that software so old was still in use. He said the company is debating whether to relaunch an update of the cat filter to capitalize on the publicity. His boss, Michael Dell, wasn’t waiting around for a decision. “The future is meow,” u003ca href="https://twitter.com/MichaelDell/status/1359655565228580867?s=20">he tweetedu003c/a>. Have a cat-errific weekend. We will see you back here on Tuesday.u003c/p>nu003c/div>n"},"children":[]}]}]},{"name":"dianomi","config":{"type":"footer"},"children":[]}]}]}]}},"componentData":{},"error":null,"loading":false,"player":{"currentTime":0,"duration":0,"loading":false,"playing":false,"seek":0,"src":"","visible":false,"volume":0.5},"route":{"status":200,"redirectTo":"","redirectStatus":0,"action":"PUSH","pathname":"/2021/02/12/bumble-ipo-makes-ceo-whitney-wolfe-herd-a-billionaire/","search":"?","hash":""},"visible":{"search":false,"primaryNav":false,"freestar":false,"adminBar":false},"contactForm":{"submitting":false,"submitted":false,"failed":false,"validation":{},"redirect":""},"user":{"isLoggedIn":false,"accessLevel":null}}; ]]> response.json()) .then(function (data) { signPackage = data; wx.config(data); wx.ready(function () { wx.updateTimelineShareData({ title: title, link: url, imgUrl: img, success: function () {}, cancel: function () {} }); wx.updateAppMessageShareData({ title: title, desc: desc, link: url, imgUrl: img, success: function () {}, cancel: function () {} }); wx.error(function (res) { //location.href = g_url; }); }); }) } }; script.src = "https://res.wx.qq.com/open/js/jweixin-1.6.0.js"; document.head.appendChild(script); } ]]> You need to enable JavaScript to view this site.
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