Finances

Shares of Match Group rose as much as 12 percent after The Wall Street Journal reported that Elliott Management had invested almost $1 billion in the company.

According to the report, Elliott has a long history of success in tech investments, including in Salesforce and Pinterest. The Match Group investment showed signs of promise to investors who have recently shied away from dating app companies in the wake of decreasing revenues and management turnover. As a result, share prices for Match rose as high as 12 percent and ended the day up 3 percent.

According to CNBC and The Wall Street Journal, Elliott plans to engage with Match Group’s management, but it is unclear as to how involved they will be, and if that would include nominating its directors. Match Group recently appointed a new CEO for Tinder, so Tinder’s previous acting CEO Bernard Kim can focus his attention on Match Group’s entire suite of apps, which include Hinge, OkCupid, Match and BLK.

Image: Tinder

Match Group has promoted Faye Iosotaluno to head up Tinder as its new CEO, replacing Match Group CEO Bernard Kim.

According to Tech Crunch, Iosotaluno has been at Match Group since 2017, and was promoted from Tinder’s chief strategy officer to the company’s chief operating officer in 2022, when former CEO Renate Nyborg left. Kim has been acting CEO of Tinder until a replacement for Nyborg was made.

“Faye’s understanding of the dating category is unparalleled and coupled together with her remarkable leadership capabilities, I know Tinder will continue to lead the category,” said Kim in a statement.

Image: Hinge

Hinge is launching a million-dollar social impact fund called One More Hour to help encourage people to meet in real life in response to the loneliness epidemic. The fund will offer $10,000 to $25,000 grants to 501(c)3 groups in Atlanta, Los Angeles, and New York to develop “fresh, free/low-cost and recurring in-person connection opportunities” for young adults, according to Fast Company.

The idea is to get people engaging more with each other in real life and not just online. The program is intended to fund events that will be organized and ongoing, so that people will feel more encouraged to show up and see what happens.

Hinge’s social impact director Josh Penny told Fast Company that social clubs stand out as a way to combat the loneliness epidemic because of “their welcoming, low-pressure nature.” He adds that telling people to hang out in person doesn’t necessarily work, that you need to offer the structure and support to encourage people to do it.

Epic Games, maker of popular game Fortnite, just won an antitrust lawsuit against Google for its Play Store practices. This outcome could be a gamechanger for app developers, who must rely on Google and Apple stores to get their apps out in the world.

According to Tech Crunch, a San Francisco court found that Google “willfully acquired or maintained monopoly power by engaging in anticompetitive conduct” as stated in the court filings. The jury determined Google’s liability, but a judge still has to decide what the final outcome will be.

The two companies will plead their cases in January to argue for how Google will need to adjust its Play Store policies going forward. Currently, the company takes a commission of as much as 30 percent of all purchases made via apps on its platform. The original lawsuit included Match Group among other companies, but all of them settled out of court apart from Epic Games.

Tinder and Hinge have recently released new ultra-premium subscriptions for what they called “motivated daters,” but a significant population of singles would rather not pay the steep price for a dating app experience. In fact, the more companies try to monetize dating app features, the more it seems to turn off daters altogether.

A recent report from Bloomberg found that people are gravitating back to in-person events like speed dating, which saw a 63 percent increase in participation this past year according to Eventbrite. And they are reluctant to pay the $500 subscription for Tinder or $60 subscription for Hinge, though Match Group has noticed an uptick in revenue since releasing the premium services.

According to Bloomberg, third-quarter downloads for Hinge were the app’s best ever and that 1.3 million of its users pay for a subscription. Bumble will be offering short term subscriptions as well as its own high-priced premium service in the coming months.

Grindr employees got approval from the National Labor Relations Board for holding an election to form a union. The ballots will become available November 22nd, and voting will end on December 13th.

According to Bloomberg Law, the government agency ruled in November that a group of about 100 employees can vote on whether they want to be represented by the Communications Workers of America, which guided the employees through its first round of voting earlier this year.

NLRB Regional Director Mori Rubi made the decision to allow Grindr employees to move forward with unionizing. According to Bloomberg, she countered arguments by the company’s management team that product managers should be considered supervisors and therefore be unable to unionize under the current labor laws. Instead, she argued that product managers don’t hold enough power in directing other employees, according to the report.