Bumble bought for $1.3bn in 'bet on the future of humanity'

OK PUT YOUR DRINK DOWN FOR THIS ONE BECAUSE NOW RAVI GUPTA AND JOHN HEGEMAN ARE TAKING OVER BUMBLE AS CO-CEFS WHICH IS WILD BECAUSE THEY JUST BOUGHT THE WHOLE DATING APP FOR 1.3 BILLION DOLLARS AND THEY ARE CALLING IT A BET ON THE FUTURE OF HUMANITY. SO NOW IT IS AN INVESTMENT FIRM CALLED ITHACA HOLDINGS HOLDING THE REINS AND WHITNEY WOLFE HERD IS APPARENTLY STAYING ACTIVE BUT NO ONE SEEMS TO KNOW EXACTLY WHAT SHE WILL BE DOING WHICH IS WEIRD. THEY ARE TALKING ABOUT USING AI TO ACCELERATE BUSINESSES AND HUMAN CONNECTION BUT I DON’T KNOW WHAT THAT MEANS FOR THE DATING GAME OR THE WOMEN-FIRST CHAT RULES THEY ALREADY DITCHED. THE SHARE PRICE JUMPED UP BUT IT IS STILL LOSS-MAKING. OK I AM GOING TO GO BE QUIET NOW.

RIGHT I NEED THIRTY SECONDS OF YOUR LIFE BECAUSE BUMBLE JUST GOT BOUGHT BY ITHACA HOLDINGS FOR OVER A BILLION DOLLARS AND THE NEW OWNERS ARE SAYING THIS IS A BET ON THE FUTURE OF HUMANITY WHICH IS QUITE A STATEMENT FOR A DATING APP. THEY WANT TO USE TECHNOLOGY TO TRANSFORM BUSINESSES BUT THE COMPANY HAS BEEN LOSING MONEY LATELY. WHITNEY WOLFE HERD IS SUPPOSEDLY STAYING INVOLVED AFTER TWELVE YEARS BUT NOBODY HAS SPECIFIED HER NEW JOB TITLE YET. IT IS INTERESTING BECAUSE PEOPLE ARE FIGHTING ABOUT AI SAFETY RIGHT NOW AND THESE GUYS ARE SAYING AI IS THE KEY TO HUMAN CONNECTION. THEIR SHARES SHOT UP ON THE NEWS BUT THE VALUATION IS STILL WAY LOWER THAN THAT BILLION-DOLLAR PURCHASE PRICE. ANYWAY THAT IS THE STATE OF THINGS.

Investment firm Ithaca Holdings has purchased dating app Bumble for $1.3 billion, with new owners Ravi Gupta and John Hegeman taking over as co-CEOs while founder Whitney Wolfe Herd remains involved.

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