Dating Site Is Breaking Up With 30% of Its Workers

Almost a third of Bumble's employees are going to have to find a match with another company. The dating site disclosed in a securities filing Wednesday that it plans to lay off 30% of its workforce, which works out to around 240 job cuts, CNBC reports. The company estimates the layoffs will cut costs by around $40 million per year. Chief executive Whitney Wolfe Herd—who stepped down last year but returned in March—told staff the industry was at an "inflection point," reports the BBC.

"We need to take decisive action to restructure to build a company that's resilient, intentional, and ready for the next decade," said Wolfe Herd, who became the world's youngest self-made female billionaire when Bumble went public in 2021. The stock's value dropped by more than 90% in the following years, but it rose 25% after the layoffs were announced. With younger users giving up on online dating, other dating sites, including Match and Tinder, are also struggling, CNN reports. Last year, in a bid to boost business, Bumble dropped its requirement that female users had to make the first move.