Author: Ashley Carman
Illustration by Alex Castro / The Verge
Match Group will pay Tinder’s co-founders and original team $441 million to settle a years-long lawsuit over allegations that Match Group purposely undervalued the startup in an effort to avoid paying out billions of dollars in equity. The settlement comes a few weeks after the trial began in the New York Supreme Court, which has included testimony from the plaintiffs, including Tinder co-founder and former CEO Sean Rad, and the defense, including IAC chairman and founder Barry Diller. (IAC owned Match Group up until last year when it spun out into its company.)
The plaintiffs were originally seeking a $2 billion payout. They first filed the lawsuit in 2018, a year after Match Group merged Tinder into its dating app portfolio, resulting...
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Illustration by Alex Castro / The Verge
Match Group will pay Tinder’s co-founders and original team $441 million to settle a years-long lawsuit over allegations that Match Group purposely undervalued the startup in an effort to avoid paying out billions of dollars in equity. The settlement comes a few weeks after the trial began in the New York Supreme Court, which has included testimony from the plaintiffs, including Tinder co-founder and former CEO Sean Rad, and the defense, including IAC chairman and founder Barry Diller. (IAC owned Match Group up until last year when it spun out into its company.)
The plaintiffs were originally seeking a $2 billion payout. They first filed the lawsuit in 2018, a year after Match Group merged Tinder into its dating app portfolio, resulting...
Continue reading…
Continue reading...