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Billionaire Watch

Newly listed online dating company produces youngest self-made female billionaire

31-year-old CEO and founder of Bumble, Wolfe Herd, is presently the world’s youngest self-made female billionaire.

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Bumble Inc., the fast-rising online dating app where only women make the first move, has just produced the youngest self-made female billionaire.

According to Bumble’s prospectus, the 31-year-old CEO and founder of Bumble, Wolfe Herd, owns 21.54 million shares, equal to 11.6% of the multi-billion dollar company. In addition, she is presently the world’s youngest self-made female billionaire, and also the youngest female leader ever to take a company public in the world’s largest economy.

On Thursday, shares of the feminist dating app opened at $76, much higher than its initial IPO price of $43 per share, as investors rushed to have a stake in the newly minted growth stock.

Bumble’s market capitalization is currently at $14.9 billion.

The young female billionaire presently worth about $1.75 Billion created the company as a service by women, for women, presenting it as a place where women can be empowered and harassment was rigorously policed.

What you must know

Wolfe Herd founded the fast-rising dating app in 2014 shortly after she sued her previous employer, Tinder, for sexual misconduct.

  • She allegedly accused her boyfriend and former boss, Justin Mateen, of sending derogatory texts and threats, then relieving her of her cofounder title at Tinder.
  • Tinder however denied those charges, and the case was immediately settled.
  • On leaving  Tinder, Herd partnered with Andrey Andreev, a Russian billionaire who had track records in building dating apps, in starting Bumble.
  • The Bumble app got launched about seven years ago.

As of today, Bumble operates two apps, Bumble and Badoo, where over 40 million users come on a monthly basis to discover new people and connect with each other in a safe, secure, and empowering environment.

Bumble and Badoo are two of the highest-grossing online dating mobile applications globally, as of August 2020, according to Sensor Tower, with Bumble and Badoo ranking among the top five grossing iOS lifestyle apps in 30 and 89 countries, respectively.

The company generated $376.6 million and $40.0 million as revenue from January 29, 2020, to September 30, 2020, and from January 1, 2020, to January 28, 2020, respectively.

A leading private equity firm, the Blackstone Group Inc., bought a majority stake into the American based online dating company in 2019, in a transaction estimated to be worth $3 billion. Other investors include venture capital firms Bessemer Venture Partners, Accel and Greycroft.

Olumide Adesina is a France-born Nigerian. He is a Certified Investment Trader, with more than 15 years of working expertise in Investment trading. Follow Olumide on Twitter @tokunboadesina. He is a Member of the Chartered Financial Analyst Society.

2 Comments

2 Comments

  1. Favour Etinosa

    February 18, 2021 at 12:16 pm

    Great read.
    I’m hoping more women come up with more disruptive innovations. Generally, it pays to dare to be different.

  2. Favour Etinosa

    February 18, 2021 at 3:43 pm

    Great read.

    I’m hoping more women will come up with more disruptive innovations. Generally, it pays to dare to be different.

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Billionaire Watch

Battle of Titans: Elon Musk, Jeff Bezos share world’s richest title

Stiff competition prevails as both Jeff Bezos and Elon Musk share the world’s richest title.

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Jeff

The battle for the worlds richest has suddenly become so intense that both Elon Musk and Jeff Bezos both share the world’s richest man title on the account they both have a net worth of $184 billion.

 

Bezos, the man behind the world’s most valuable retail company, Amazon, has steadily been seeing his wealth valuation appreciate amid high market volatility currently prevailing at global financial markets.

The 49-year-old self-made billionaire, Elon Musk is sharing, the world’s richest when recent data revealed Tesla recorded impressive gains of about $9.75 at the end of Monday’s trading session.

Investors are currently increasing their buying pressure on Tesla as they weigh reports that the electric vehicle industry is expected to grow into a $5 trillion market over the next decade, thereby giving the world’s most valuable car company room for more upside.

It’s important to note that both mega billionaires have in recent times focused their considerable brainpower on space technology as Bezos recently accelerated his space-travel efforts through his firm popularly known as Blue Origin.

Recent reports suggest SpaceX founded by Musk raised another $850 million this month from a group of leading institutional investors led by Sequoia Capital.

Such investment now puts SpaceX’s valuation at $74 billion, a 60% jump from August, and helped boost Musk’s net worth by about $11 billion, according to the index.

Bezos who is now the Chairman of the $1.58 trillion valued company, Amazon has about $9.63 billion cash in the bank.

The online retail giant returns have under his tenure as the chief executive officer of the e-commerce giant actually ranked second among all S&P stocks since the IPO in May 1997.

The 57-year-old billionaire is the founder of Amazon, the world’s biggest online retailer company on earth. The American-based company sells books, household goods, and other retail products through its flagship platform.

His company also controls the Whole Foods grocery chain and offers video streaming services and remains the biggest cloud computing provider worldwide.

bitcoin train

That being said, both Elon Musk and Jeff Bezos’s wealth valuation would currently buy 107 million troy ounces of gold or 2.91 billion barrels of crude oil.

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Billionaire Watch

Elon Musk takes back world’s richest man title after gaining $10 billion in a day

Elon Musk bounced back strongly to become the world’s richest man amid a daily gain of $9.81 billion.

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49-year-old self-made billionaire, Elon Musk bounced back strongly to become the world’s richest man amid a daily gain of $9.81 billion.

Tesla chief’s wealth surged back to $190 billion, as the electric car company’s shares recorded impressive gains of 6.18%, thereby putting the market value of Tesla at $712 billion coupled with the SpaceX he founded completing another funding round, pushing him atop the Bloomberg Billionaires Index for the third time in 2021.

Such record gains pushed Musk past Amazon founder, Jeff Bezos, who is now worth $185 billion and had a few days ago reclaimed the title as the world’s richest person after Tesla shares plunged to record levels.

READ: Aliko Dangote’s net worth falls by $840 million

Tesla Inc stocks were on a record buying spree at Wednesday’s trading session, indicating that global investors are buying the dip following a four-day plunge that erased the world’s most valuable car company year-to-date gains.

That being said, MicroStrategy CEO, Michael Saylor, has revealed that SpaceX, a company founded by Elon Musk, is exploring the merits of buying Bitcoin.

READ: World richest man, Jeff Bezos holds 5% of his wealth in cash

Saylor revealed that top representatives from SpaceX were among 7,000 companies represented at MicroStrategy’s recent Bitcoin seminar, which the leading business intelligence company organized to aid companies interested in buying Bitcoin as a treasury asset.

  • Recent reports suggest SpaceX raised another $850 million this month from a group of leading institutional investors led by Sequoia Capital.
  • Such investment now puts SpaceX’s valuation at $74 billion, a 60% jump from August, and helped boost Musk’s net worth by about $11 billion, according to the index.
  • A November 15, 2016 filing with the Federal Communications Commission revealed that the tech billionaire owned 54% of SpaceX.

READ: Tesla loses $200 billion in market value following Bitcoin investment

Elon Musk’s current net worth of $190 billion can currently buy 106 million troy ounces of gold or 2.82 billion barrels of crude oil.

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