Blackstone is on its way out of Bumble. The private equity firm could sell its remaining shares in the dating company by early next year, Business Insider reported Thursday.
Blackstone bought a majority stake in Bumble’s former parent company in 2019. Bumble went public two years later.
The relationship has changed since then.
A November agreement with UBS allows Blackstone to sell nearly 5% of Bumble each quarter. The firm has sold the maximum amount during the past two quarters, Business Insider reported.
A June SEC filing put Blackstone’s remaining stake at 22.4 million shares, or 17.2% of Bumble.
Blackstone no longer has a rep on Bumble’s board, either. Its last two members stepped down earlier this summer.
The exit lands during a rocky stretch for Bumble. Paying users fell 16.4% from a year earlier during the second quarter. Bumble is also trying to overhaul its dating app. It recently dropped the requirement that women message first, the feature that once defined the experience.
Reuters reported in June that Bumble was exploring a possible sale with Morgan Stanley. No deal has been announced.
This is a developing story. I’ll update this report as more information becomes available.
