Match Group stock has hit new heights after making a complete recovery from the shock of the Facebook Dating announcement.
The share price rose from $47.83 on Friday 17th August to $58.09 at the start of this week, peaking at an all-time high of $59.58 on Thursday 13th September.
The company’s market cap has now crossed the $16 billion mark. Umbrella IAC is valued at $17.88 billion, holding ownership interest and voting interest in Match Group at 81.3% and 97.6% respectively.
It has been noted that Facebook Dating does not radically depart from industry standard designs, and that it may even help the sector by onboarding its billions of users.
Once CEO Jean Meyer wrote in GDI: “It’s a copycat of any other dating app. It has no identity and no UX innovation. It’s a simple “LIKE/PASS” that looks like a mix between Tinder and Once.
“They could have come up with something new and revolutionary that would have disrupted the entire industry… Instead, they did exactly what everybody else is doing. Where is your sense of innovation Facebook?”
Bumble COO Sarah Jones Simmer said: “I see it as a net positive for the industry. If there was any stigma attached to meeting people online and making very real connections online, Facebook just validated that this is a real path to making those meaningful connections.”
Visit the Match Group website here.