(Adds information on valuation from other reports)
April 11 The shares of Barry Diller's
IAC/InterActive Corp rose as much as 3 percent to
$70.34 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
from investor Chamath Palihapitiya, Bloomberg reported, adding
that Tinder was now valued at $5 billion.
IAC Chief Executive Sam Yagan confirmed the transaction to
Forbes, but said the valuation of $5 billion was "nowhere near
Palihapitiya tweeted on Friday: "My Tinder sale for $500M is
inaccurate. I sold my stake but value was much less. Thx
@samyagan for official IAC pos'n. #wishfulthinking"
A spokeswoman from IAC declined to comment.
IAC owns more than 50 percent of Tinder, but declined to
give more details about its stake.
IAC's stock later trimmed its gains and closed at $68.82, up
Tinder has about 10 million users who signed up with their
Facebook accounts. The app matches other users based on their
(Reporting by Jennifer Saba in New York; Editing by Dan Grebler
and Andre Grenon; )