Home dating industry Bumble CEO Whitney Wolfe Herd Becomes Youngest Self-Made Female Billionaire

Bumble CEO Whitney Wolfe Herd Becomes Youngest Self-Made Female Billionaire

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Whitney Wolfe Herd, the founder and CEO of online dating app Bumble, became the youngest self-made billionaire woman after taking her company public in the United States on Thursday, reported Bloomberg.

Shares of the company climbed 67% on its trading debut to $ 72 (around Rs 5,243) at 1:03 p.m. in New York City, valuing Herd, 31, at $ 1.5 billion (around Rs 1, 09 lakh crore).

“I hope this won’t be a rare title,” Herd said in an interview with Bloomberg Television, referring to the uniqueness of Bumble’s female-led management. “I hope that will be the norm. It’s the right thing to do, it’s a priority for us and it should be a priority for everyone else.

Herd launched the first dating app for women in 2014 after leaving a managerial position at Tinder, whom she sued for sexual harassment, India Today reported. In her allegations, she also mentioned that her former boss as well as her boyfriend Justin Mateen threatened to strip her of her title as co-founder of Tinder. The company denied these allegations and the matter was subsequently settled.

The company is different from other dating apps because it focuses on women because they can only take the first step. “The importance for a woman to take the first step is not exclusive to the world of dating, romance or love,” Herd wrote in Bumble S-1 Depot, according to News18. “It’s a powerful change, which gives women confidence and control.”

Herd becoming a self-made billionaire is a rare achievement. Self-taught women, mostly from Asia, make up less than 5% of the world’s 500 richest people, according to the Bloomberg Billionaires Index. Self-made men represent nearly two-thirds of the wealth index. Only two companies, besides Bumble, of the 559 that went public in the United States in the past 12 months were founded by women.

“This is a huge victory,” said Allyson Kapin, general partner of investment firm W Fund and founder of the Women Who Tech network. “Whitney saw an opportunity that was not addressed for women and based on her expertise, she became that gold mine, not only for herself and her team, but also for her investors.”

Bumble publicly filed its initial public offering documents on January 15. It has 42 million users on Bumble and Badoo, the dating-focused social network owned by Bumble, combined.


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