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Match settles legal fight with Tinder founders for $441m

by todayminutes
December 2, 2021
0

A woman looks at a man on Tinder

Tinder’s founders first sued Match and its former owner IAC in August 2018, claiming they had undervalued the app to avoid paying billions of dollars.

When Match and media giant IAC bought the founders out in 2017, the firm was valued at $3bn.

But Tinder’s founders claim it was really worth $13bn at the time.

The case has been on trial since mid-November at the New York Supreme Court.

Match Group’s shares dropped 2% on the news to $127.93.

Tinder’s founders sue dating app owners

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Match Group, which also owns Match.com, OKCupid, Hinge, Meetic, PlentyOfFish, Ship and OurTime, is worth $36.6bn today.

The plaintiffs, consisting of 10 current and former top staff including Sean Rad, Justin Mateen and Jonathan Badeen, were given stock options in Tinder as part of their compensation in 2014.

But because Tinder is a private company, they were not allowed to cash in their stock options and sell shares on the open market.

CONTINUE

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