Tech

Crater owner pays $ 441 million to founder to resolve valuation proceedings

The company that owns Tinder will pay $ 441 million to the founders of popular dating apps to resolve the dispute over stock option valuation, a document said Wednesday.

The proceedings filed in New York in 2018 said that Tinder owner Match Group and its then-parent company InterActive Corp had plans to dramatically reduce the value of stock options and eliminate them altogether. Insisted.

Co-authors Sean Rad, Justin Mateen, and Jonathan Badeen claimed that Match and IAC relied on fake numbers to reach a $ 3 billion valuation in 2017. At this time, Tinder was actually worth more than four times that.

Created in 2012, Tinder currently has over 10 million paying users, allowing you to quickly scroll through romantic match possibilities and then swipe left or right to show your interest.

Approximately 20% of Tinder’s stock had options, and the founders and their early employees felt there was a multi-billion dollar short change.

According to a document filed Wednesday with the US Securities and Exchange Commission, Match will pay $ 441 million to 10 The Tinder graduates, including three co-founders.

Listed on the stock exchange in 2015, Match Group will completely spin off from IAC in 2020, with Hinge, Meetic,

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Crater owner pays $ 441 million to founder to resolve valuation proceedings

Source link Crater owner pays $ 441 million to founder to resolve valuation proceedings

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