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Blackstone Group acquires a majority stake in MagicLab, the parent company of Bumble dating app, valuing it at approximately $3 billion. Andrey Andreev, the founder of MagicLab, sells his stake and steps down, while Whitney Wolfe Herd retains the majority of her stake and becomes CEO. Blackstone's investment showcases its strategy to invest in profitable companies with strong growth profiles.
Friday, 8 November, 2019