0:35
Four investors bought Grindr for $600 million after the U.S. forced its Chinese owner to sell over data concerns. They fired 90% of staff and rebuilt the company. Grindr is now valued at $4.6 billion, with stock up 155% year-to-date.
Four investors bought Grindr for $600 million after the U.S. forced its Chinese owner to sell over data concerns. They fired 90% of staff and rebuilt the company. Grindr is now valued at $4.6 billion, with stock up 155% year-to-date.
James Fu Bin Lu, Raymond Zhej. Those two guys are the largest shareholders in an app called Grindr. It was private and interestingly, it was owned by a Chinese company. The US government accused this Chinese company of using the users' information nefariously and they said, you've got to sell this thing. And that's where Rick, this guy named Jeff, and then James Lu and Ray stepped in and they bought this company for $600 million. And right away they basically fired everyone. They replaced something like 90% of the staff and they turned it around so much that if you Google Grindr stock. It has outperformed every other dating app.
It's worth $4.6 billion right now, and the stock is up 30% this year, 155% year to date, and over the last 5 years, 120%.
Pretty freaking amazing how they've, they've turned this business around to, to be as successful as it is now.
