April 11, 2014 / 6:59 PM / in 3 years

IAC increases stake in Tinder -report

1 Min Read

April 11 (Reuters) - Shares of Barry Diller's IAC/InterActive Corp rose as much as 3.2 percent to $70.57 on Friday after it increased its stake in the popular dating app Tinder, according to a Bloomberg report.

IAC bought another 10 percent of Tinder for $500 million, valuing the company at $5 billion, the report said. It added that IAC's market capitalization is about $5.6 billion.

A representative from IAC did not immediately respond to a request for comment.

IAC's stock later trimmed its gains to trade at $69.15, up 1.1 percent.

Tinder has about 10 million users who signed up with their Facebook accounts. The app matches other users based on their geographic location.

Reporting by Jennifer Saba in New York; Editing by Dan Grebler

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below