FORTUNE - Oct 10 - The Match Group on Tuesday filed a motion to dismiss a lawsuit accusing it of undervaluing Tinder, saying that Sean Rad was closely involved in Tinder's valuation and underestimated its potential revenues. Tinder co-founder Sean Rad and a group of ex-Tinder workers filed the lawsuit in August, alleging that Match lowballed Tinder's valuation in July of last year to stop Rad accessing from the full value of his stock options. The group alleges that Match created "a false picture of Tinder's financial condition and prospects" resulting in "bogus numbers," or a $3B valuation. IAC say that Rad was closely involved in determining that $3B number. He estimated that Tinder to bring in $500M in revenue this year - significantly less than the $800M they now project for 2018. Match didn't predict Tinder's success over the past year, but neither did Rad, Match claims.'
by Emma Hinchcliffe
See full article at Fortune
See all posts on Match Group
See all posts on Tinder
Summarized by the IDEA team
Comments