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Match cratered 22.1% to to close at 36.71 on the stock market today after the social media giant disclosed its move into online dating.Facebook Chief Executive Mark Zuckerberg made the announcement at the company's F8 developers conference in San Jose, Calif.
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Zuckerberg said the dating function will be completely optional and opt-in only. Match has upped investments in older online dating websites, expanded Tinder globally, and started new projects to increase advertising revenue. YOU MAY ALSO BE INTERESTED IN: The Big Squeeze: New Risks For Fed Interest Rates, Recession And Yield Curve Nvidia, Apple: How To Avoid Getting Chopped Up During Market Volatility Sell And Take Profits Or Hold?
The dating app will "be for building real, long-term relationships — not just for hookups," Zuckerberg said, according to a Bloomberg report. (IAC) spun off Match Group in 2015 and retains an 80% stake. The company's growth has been powered by paid subscriber growth at Tinder.
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