(Reuters) – Bumble Inc CEO Whitney Wolfe Herd’s stake in the female-centric dating app operator was worth nearly $ 2 billion as the shares rose for the second day in a row after debuting. at the box office on Thursday.
Bumble, backed by Blackstone Group Inc, was valued at $ 15.69 billion on Friday, and its share price nearly doubled from the initial public offering price of $ 43 a share, underscoring investors’ insatiable appetite for Tech stocks in a buoyant US stock market.
Wolfe Herd owns 21.5 million shares in Bumble, which is equivalent to an 11.6% stake, regulatory documents showed.
With the successful initial public offering, Wolfe Herd, 31, became the youngest CEO to go public when she rang the opening bell from Bumble’s Austin offices with her one-year-old son by her side.
The focus on women first has set Bumble apart in a competitive online dating market, Wolfe Herd told Reuters on Thursday.
Bumble users are more likely to pay for premium offers to have a deeper level of connection or a different approach to connection, said Wolfe Herd, offering incognito mode as a popular feature for people to browse through the profile of others while they are anonymous.
Wolfe Herd, who graduated with a BA in International Studies from the Dedman College of Humanities and Sciences at Southern Methodist University, launched the Bumble app in 2014.
Wolfe Herd is also a co-founder of rival app Tinder, which she later sued, claiming that her co-founders subjected her to sexual harassment. Match Group Inc, parent of Tinder, which denied the allegations, paid about $ 1 million to resolve the dispute.
Shares of Bumble rose 13.5% in Friday afternoon trading, after climbing as much as 20.6% to $ 84.8 earlier in the session.
Reporting by Noor Zainab Hussain in Bengaluru and Krystal Hu in New York; Editing by Anil D’Silva