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cageymaru
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- Apr 10, 2003
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Tinder co-founders along with current and former employees are suing IAC and Match group for purposely undervaluing the company in 2017 when it hastily combined the Tinder and Match properties. Tinder employees were supposed to receive 20% of Tinder stock options and evaluations of Tinder's value were supposed to have occurred almost yearly from 2017 until 2021. But in 2017 it was secretly evaluated at $3 billion and its properties were combined with Match without notifying employees. Thus Tinder employees argue that they received far less stock in Match than they were supposed to receive. This has led to the current lawsuit which seeks at least $2 billion in damages.
Rad and the other Tinder employees believe that the company is worth significantly more than $3 billion today. They point to IAC's most recent quarterly report, in which the company noted that Tinder is expected to exceed $800 million in revenue this year. IAC CEO Joey Levin specifically noted that the app, which popularized the function of swiping to accept or decline a potential match, has continued its "amazing growth run." The lawsuit does not provide an alternative to the $3 billion valuation.
Rad and the other Tinder employees believe that the company is worth significantly more than $3 billion today. They point to IAC's most recent quarterly report, in which the company noted that Tinder is expected to exceed $800 million in revenue this year. IAC CEO Joey Levin specifically noted that the app, which popularized the function of swiping to accept or decline a potential match, has continued its "amazing growth run." The lawsuit does not provide an alternative to the $3 billion valuation.
