Bumble founder Whitney Wolfe Herd received a $125M payout
Fox Business Flash top headlines for January 18
Fox Business Flash top headlines are here. Check out what’s clicking on FoxBusiness.com.
Ahead of its upcoming initial public offering, Bumble founder and CEO Whitney Wolfe Herd received a $125 million cash payout and loan, according to newly released documents by the company.
Continue Reading Below
Wolfe received a $125 million cash payout after the company reorganized, according to its S-1 filing. The payout came after private equity firm Blackstone purchased a majority of the company in 2019.
In January 2020, Bumble also loaned Beehive Holdings III $119 million, described in the S-1 as a "Delaware limited partnership controlled by our Founder." Earlier this month, Wolfe Herd and Beehive Holdings paid back the remainder of the loan plus interest for a total of $95.5 million.
RED HOT IPO TREND WILL CONTINUED IN 2021: EXPERT
News of the payouts was first reported by The Financial Times.
Bumble, which will trade under the ticker symbol "BMBL" on the Nasdaq, had 42.1 million monthly active users at the end of September for the Bumble app and the Badoo dating app, used in Europe. Leading the IPO are Goldman Sachs and Citigroup.
For the period starting Jan. 29, 2020, and ending Sept. 30, 2020, Bumble generated $376.6 million in revenue but had a net loss of $84 million during the period.
GET FOX BUSINESS ON THE GO BY CLICKING HERE
In early March, during the first days of the COVID-19 lockdown, FOX Business reported that Tinder had surpassed Bumble and other dating apps in downloads.
CLICK HERE TO READ MORE ON FOX BUSINESS
Source: Read Full Article