Updated April 11, 4:45 p.m.
Bloomberg reported Friday afternoon that dating app Tinder may be worth about $5 billion, but shareholder and venture capitalist Chamath Palihapitiya later tweeted that estimate was incorrect.
Barry Diller’s IAC/InterActiveCorp already has a majority stake in Tinder, and did buy more shares, but not the 10% originally reported to be bought for $500 million, according to Forbes.
Tinder hasn’t contributed any revenue to IAC, which earned about $3.2 billion last year. IAC shares rose 5.7% to $72.28 Friday.
Palihapitiya acquired his stake of Tinder in 2012 when he purchased a majority share of Toronto-based X-Treme Labs, which built Tinder’s first iteration. Tinder, which is 20 months old, has seen its daily active user number skyrocket from 5 million at the end of December to 10 million at present.
This post has been updated to reflect Chamath Palihapitiya’s denial of the originally reported value.
- What We Know So Far About the Deadly Earthquakes in Turkey and Syria
- Beyoncé's Album of the Year Snub Fits Into the Grammys' Long History of Overlooking Black Women
- How the U.S. Shot Down the Alleged Chinese Spy Balloon
- Effective Altruism Has a Toxic Culture of Sexual Harassment and Abuse, Women Say
- Inside Bolsonaro's Surreal New Life as a Florida Man—and MAGA Darling
- 'Return to Office' Plans Spell Trouble for Working Moms
- 8 Ways to Read More Books—and Why You Should
- Why Aren't Movies Sexy Anymore?
- How Logan Paul's Crypto Empire Fell Apart
