: Bumble stock falls as CEO, Blackstone plan to sell shares


Shares in Bumble Inc. BMBL, +0.68% declined more than 7% in after-hours trading Thursday, following a disclosure that founder and Chief Executive Whitney Wolfe Herd will sell shares in a secondary offering that will also include investor Blackstone Inc. BX, -0.80% Wolfe Herd plans to sell 1.75 million of the 12.5 million shares offered, with the rest coming from Blackstone, which will also offer underwriters — including Blackstone itself — an additional 1.88 million shares if desired. Citigroup Inc. C, -0.19% and Goldman Sachs Group Inc. GS, +0.83% were also listed as underwriters of the deal in a filing with the Securities and Exchange Commission. In a separate filing with the SEC, Bumble disclosed that paying users of the Bumble app grew 30.7% year-over-year in the first two months of 2022, while paid users of its Badoo app and other services declined 10.4%; overall, paid users grew 13.4%. Bumble shares closed Thursday at $24.54, down nearly 43% from the $43 share price commanded in the dating-app company’s 2021 initial public offering.

This article was originally published by Marketwatch.com. Read the original article here.

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