A company catering to women and led by women has made its 31-year-old female founder a billionaire. Bumble Inc., the owner of the dating app where women make the first move, sold shares in its upcoming trading debut at $43, valuing Chief Executive Officer Whitney Wolfe Herd’s stake at more than $900 million and lifting her overall fortune above $1 billion. The listing caps a saga that’s both inspiration and cautionary tale for women tech founders. Wolfe Herd capitalized on an underserved market and built a multibillion-dollar company that was in a sense born from one of the most vexing obstacles to women entrepreneurs: sexual harassment. “This is a huge win,” said Allyson Kapin, general partner at investment firm W Fund and founder of the Women Who Tech network. “Whitney saw an opportunity that wasn’t being addressed for women and based on her expertise she’s made it into this gold mine, not just for her and her team but also her investors.” Bumble’s IPO launches Wolfe Herd into a rarefied club of self-made female billionaires. While women make up about half of the global population, self-made women — mostly from Asia — account for less than 5% of the world’s 500 biggest fortunes, according to the Bloomberg Billionaires Index. Self-made men comprise almost two-thirds of the wealth index.
Related Articles
Rights Court agrees to hear French prostitution law appeal
STRASBOURG (TIP): The European rights court said on August 31 it would hear an appeal by sex workers against a French anti-prostitution law which they say has shattered their livelihoods and driven them underground. Sex […]
Biggest political highlights of India in 2022
The year 2022 has been a roller coaster ride for people as we breath in almost a Covid-free world after facing 2 years of restrictions. The political corridor came to life as soon as Covid […]
Indian American Shama Hakim Mesiwala creates history as California judge
Parminder Aujla SACRAMENTO (TIP): Indian American Shama Hakim Mesiwala created history with her confirmation as Associate Justice of the California Third District Court of Appeal to become the first South Asian and Muslim American woman […]
Be the first to comment