Bumble stock soars as the embattled dating app strikes deal to go private. Here’s how it got here

Bumble has spent the past few years trying everything from a new CEO to AI-powered matches. Now, the embattled dating app company is making another big move: going private. Ithaca Holdings, a new firm run by former tech executives, is acquiring Bumble for $1.3 billion, the latter announced on Tuesday. Bumble’s board unanimously voted in favor of the deal, with founder and CEO Whitney Wolfe Herd recusing herself from the decision. News of a potential deal was first reported by the Wall Street Journal. Bumble’s shareholders will receive $6.05 for each share of Class A Common Stock. According to Bumble, this is about 138% higher than its Friday, October 9, closing share price and around 119% over its 30-day weighted average price ending Friday. The dating app company was valued at about $335 million at the end of business on Friday. Ithaca’s co-CEOs and co-founders, Ravi Gupta and John Hegeman, will take over as co-CEOs of Bumble and “partner with Wolfe Herd to extend Bumble’s original vision to help people find connections in life and love into the next era.” For anyone wondering what this arrangement might look like, this line in the announcement provides a pretty good idea: “Ithac…