Key facts
- Bumble is being acquired by Ithaca Holdings for $1.3 billion.
- The deal values Bumble at $6.05 per share.
- Whitney Wolfe Herd will remain a close partner at Bumble.
- Ravi Gupta and John Hegeman will become co-CEOs of Bumble.
- Bumble's stock has fallen over 90% since its 2021 IPO.
Bumble is set to go private in a $1.3 billion acquisition deal with Ithaca Holdings, marking a significant shift for the dating app that has seen its stock value plummet since its 2021 initial public offering. The deal values Bumble at $6.05 per share, a substantial premium compared to its recent trading price, which had fallen below $3 in September.
While founder Whitney Wolfe Herd will continue as a close partner, the company will transition to new leadership. Ravi Gupta and John Hegeman, co-CEOs of Ithaca Holdings, are slated to become the new co-CEOs of Bumble upon the deal's closure. Both Gupta and Hegeman have prior experience in prominent tech companies; Gupta held C-suite roles at Instacart and was a partner at Sequoia, while Hegeman served as Meta's chief revenue officer and is on the board of Robinhood.
This leadership change introduces the first male CEOs to Bumble since its public debut. Wolfe Herd previously held the CEO position until January 2024, when Lidiane Jones took over, before Wolfe Herd returned to the role in 2025. Bumble had previously emphasized its commitment to women in leadership, with Wolfe Herd stating in 2020 that its C-suite was 95% women.
Bumble has faced considerable challenges since going public, including user fatigue with online dating and difficulties in monetization. The company has also experienced leadership transitions and the ongoing exit of private equity firm Blackstone. Wolfe Herd's recent vision for Bumble has centered on AI-driven dating products, though analysts have expressed skepticism regarding the company's technological advancements and delivery timelines.