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Jonathan Gray
Blackstone President and COO Jonathan Gray (Patrick T. Fallon/AFP)

Bumble drops after big shareholder Blackstone and founder Wolfe Herd move to sell a huge chunk of the company

Together the sales, which come after disappointing earnings report, account for more than 17% of the company’s shares outstanding.

J. Edward Moreno

Shares of dating app Bumble plunged after big shareholder Blackstone and Bumble founder and CEO Whitney Wolfe Herd filed to sell more than 17% of the company.

Blackstone, which was listed in regulatory filings as several numerical holding companies with the title “BX Buzz” and an address “c/o the Blackstone Group,” registered to sell nearly 16.7 million shares, which would amount to about 16% of Bumble’s shares outstanding. The filings were signed by Robert Brooks, Blackstone’s senior managing director and head of private equity finance. According to the latest FactSet data, Blackstone recently owned more than 27% of the company.

Wolfe Herd, Bumble’s founder who recently returned as CEO, also filed to sell about 1.4 million shares, or $9.7 million worth, at the stock’s closing price. FactSet shows her stake was recently about 2.1 million shares.

Blackstone and Bumble didn’t immediately respond to requests for comment.

Shares of Bumble were down 18% to $5.88 in early trading.

Blackstone sold chunks of its position for about $6.50 a share, significantly less than the $7.15 the stock closed at on Wednesday, the filings show. The dating app, which has struggled to spark sales growth, recently reported a surprise loss for the second quarter of this year.

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