The main Fox Business Flash headlines are here. See what clicks on FoxBusiness.com.
Bumble founder and CEO Whitney Wolfe Herd became the world’s youngest self-made female billionaire this week after the dating app company’s shares skyrocketed during the IPO.
CLICK HERE TO READ MORE ABOUT FOX BUSINESS
| Ticker | Safety | Last | Change | Change% |
|---|---|---|---|---|
| BMBL | BUMBLE INC | 78.51 | +8.20 | + 11.66% |
According to Forbes, the 31-year net worth on Thursday was $ 1.5 billion, after Bumble’s stock closed at $ 70.31 a share on day one in the public market.
By 1:00 PM, Wolfe Herd’s nearly 12% stake in the company was worth $ 1.6 billion, the outlet reported. She owns 21.54 million shares of the company, which has a market capitalization of north of $ 8 billion.
The $ 1.6 billion mark is a far cry from its previous net worth of about $ 575 million, according to previous Forbes estimates.
Aside from her newly acquired billionaire status, Wolfe Herd is also the youngest female CEO to disclose a company in America, according to the outlet.
WHO STARTED BUMBLE?
Bumble founder Whitney Wolfe Herd on October 25, 2018 in New York City. (Photo by Bennett Raglin / Getty Images for Fast Company)
Wolfe Herd co-founded the company about seven years ago to reinvent the structure of the dating apps. The app, unlike its competitors, gives women the ability to “control the conversation”.
It is referred to by some as a Sadie Hawkins style dating app. More specifically, it has also become one of America’s fastest growing dating apps since it hit the app store, Forbes reported.
The company’s success put her on the Forbes list of America’s Most Successful Women Entrepreneurs and Executives in 2020. She is also a 30 Under 30 honoree.
However, her journey into the digital dating scene didn’t start with Bumble. Before joining the multi-billion dollar company, she even co-founded its biggest competitor, Tinder.
CORONAVIRUS OUTBREAK THAT WILL NOT PAIN OKCUPID DATERS
In 2012, after graduating from Southern Methodist University in Dallas, Wolfe Herd co-founded and became the vice president of marketing for Tinder, according to her LinkedIn account.
However, Wolfe Herd left Tinder and filed a lawsuit against the company for alleged sexual harassment. Tinder denied any wrongdoing and the case was eventually settled, Forbes reported.
Shortly afterwards, in 2014, with the help of Andrey Andreev, she founded Bumble, which was originally intended as a ‘social platform for women’ rather than a dating app. Andreev is a London-based entrepreneur who created the dating app Badoo in 2006, Forbes reported.
In 2016, Bumble, still the only dating app where women take the first step, expanded its social network with Bumble For Friends to help people form friendships. A year later, the company developed Bumble Bizz, which is suitable for professional networks.
Bumble also owns the dating app Badoo. Together, the apps are used in 150 countries with tens of millions of monthly subscribers, Forbes reports.
GET FOX BUSINESS ON THE GO BY CLICKING HERE