Grindr

Popular gay dating app Grindr has issued a warning to its users in Egypt after reports surfaced that police were posing as potential matches to target and arrest LGBTQ+ people.

While homosexuality is not illegal in Egypt per se, according to Associated Press, authorities frequently prosecute the LGBTQ+ community, and specifically gay men, on the grounds of “morality laws” such as “debauchery” and “violating public decency.”

The warning comes as human rights groups, media and activists have noticed authorities cracking down on the LGBTQ+ community in Egypt via digital platforms such as gay dating apps. According to The Hill, the U.S. State Department acknowledged this in a report they issued in 2021 citing “credible accounts of violence ‘targeting lesbian, gay, bisexual, transgender, queer, or intersex persons and use of the law to arrest and prosecute arbitrarily such persons.’”

A group of conservative Catholics based in Colorado spent millions to buy tracking data from dating apps to identify gay priests, and then shared the information with regional Bishops.

The Washington Post, which broke the story, noted that the purchasing and use of the data is legal, and is “emblematic of a new surveillance frontier in which private individuals can potentially track other Americans’ locations and activities using commercially available information.”

The Post heard audio recordings of executive members discussing the organization’s mission and this particular project. Jayd Henricks, the group’s president, did not respond to questions from the Post, but instead posted an article on the website First Things saying he was proud to be part of the group, and that the purpose was to “help the Church be holy…” He also wrote that the group has conducted other research, but did not provide details.

Dating app Grindr closes out 2022 on a high note, reporting a 34 percent increase in year-over-year earnings to $195 million, showing a positive outlook for the coming year to investors since the app went public.

According to Fast Company, monthly average users rose to about 12 million, up from 11 million at the same time last year. Paying users also grew from 703,000 to 873,000 over the last year.

This was the company’s first earnings report as a public company, and with the impressive numbers, shares more than doubled throughout the trading day, according to Fast Company. The article was quick to point out that the dating app industry in general is still volatile despite earnings, as shown by Bumble’s fluctuating share price and secondary stock offering, as well as the recent Match Group dip. Since Grindr’s report came out, the company’s stock has gone down.

After a rough patch at the end of November where the newly launched stock for dating app Grindr hit an all-time low, it is now looking more promising for potential investors.

Seeking Alpha reported that shares on November 29th opened at $8, reaching a high of $9 before falling to $6.52 in the late afternoon. The stock had only debuted on November 18, following its merger with SPAC Tiga Acquisition Corp which valued the combined company at $2.1 billion. Shares of the combined company rose over 500 percent before closing its first day at $36.50, but then plunged the next day and did not recover through the end of November and into December.

Grindr however released its third quarter earnings report in early December, noting that revenue for the quarter was up 32 percent year-over-year to $50.4 million, and year-to-date revenue was up to $140.5 million. 

Dating app Grindr launched its initial public offering in mid-November and saw its stock quickly soar thanks to enthusiastic investors, and despite the recent downturn of tech and dating app markets. The stock rose more than 400 percent after it launched.

According to MarketWatch, the stock debuted at $16.90 on Friday November 18th, and hit a high of $71.51 before noon. It then closed out the day at $36.50. The LGBTQ+ dating app merged with Tiga Acquisition Corp, a special purpose acquisition company, and debuted that day on the NYSE under the symbols GRND and GRND.WS. Unfortunately, a week and a half later and now the stock has trading as low as $7.63.

"Today marks an important milestone not only for the team at Grindr, but for the LGBTQ community we serve," said Grindr's chief executive officer, George Arison, in a statement reported by NPR. "We enter the public markets with momentum, carried by our market leadership, strong financial performance and significant growth runway as we step up investment in our core product and services."

Joel Simkhai, founder popular gay dating app Grindr, has launched a new queer dating app called Motto.

In an interview with NBC News, Simkhai said he launched the new app to “course-correct” the current culture of gay dating apps. He noted that many (including Grindr) have contributed to a rise in racial discrimination among gay daters, as well as contributing to feelings of body dissatisfaction and low self-esteem in regard to body image.

Motto provides features to counteract and prevent what Skimkhai called “toxicity” on gay dating apps, including requiring users to post photos with faces instead of the popular “headless torsos” that are prominent on apps like Grindr. He’s also limiting users to perusing 10 profiles per day, so they can take their time instead of endlessly swiping.