New York: The shares of Barry Diller’s IAC/InterActive Corp rose as much as 3 percent to $70.34 on Friday after it increased its stake in the popular dating app, Tinder, according to a Bloomberg report.
IAC bought another 10 percent of Tinder for $500m from investor Chamath Palihapitiya, Bloomberg reported, adding that Tinder was now valued at $5bn.
IAC Chief Executive Sam Yagan confirmed the transaction to Forbes, but said the valuation of $5bn was “nowhere near the truth.”
A spokeswoman from IAC declined to comment.
IAC owns more than 50 percent of Tinder, but declined to give more details about its stake.
IAC’s stock later trimmed its gains and closed at $68.82, up 0.6 percent. Reuters
