Match Group Inc. (NASDAQ: MTCH) and IAC/InterActiveCorp (NASDAQ: IAC) each watched their shares fall off a cliff Tuesday afternoon following a big announcement from Facebook Inc. (NASDAQ: FB). Essentially, Facebook said that it plans to get into the dating business.
At a cursory glance, a dating service could increase the time that people spend on the Facebook platform as well as cause big problems for its competitors in the online dating field.
Match’s Tinder app already uses a bevy of Facebook data to populate pictures, hobbies and likes on its platform. Facebook could easily take this model and remake it, similar to what the social media giant did when competing with Snap.
According to Reuters:
A prototype displayed on screens at the F8 conference showed a heart shape at the top-right corner of the Facebook app. Pressing on it will take people to their dating profile if they have set one up.
The prototype was built around local, in-person events, allowing people to browse other attendees and send them messages.
Zuckerberg noted that this will be used for long-term relationships, not just hook-ups. Also considering Facebook’s recent drama with Cambridge Analytica, this dating service is being built with privacy in mind, so that friends will not be able to see a person’s dating profile.
Shares of Facebook were last seen at $171.96, with a consensus analyst price target of $216.06 and a 52-week range of $144.42 to $195.32.
Shares of Match were last trading down over 21% at $37.15, with a consensus analyst price target of $42.56 and a 52-week range of $16.57 to $48.65.
Shares of IACI were recently seen down over 14% at $138.42. The stock has a 52-week range of $79.27 to $166.64 and a consensus analyst price target of $185.70.
100 Million Americans Are Missing This Crucial Retirement Tool
The thought of burdening your family with a financial disaster is most Americans’ nightmare. However, recent studies show that over 100 million Americans still don’t have proper life insurance in the event they pass away.
Life insurance can bring peace of mind – ensuring your loved ones are safeguarded against unforeseen expenses and debts. With premiums often lower than expected and a variety of plans tailored to different life stages and health conditions, securing a policy is more accessible than ever.
A quick, no-obligation quote can provide valuable insight into what’s available and what might best suit your family’s needs. Life insurance is a simple step you can take today to help secure peace of mind for your loved ones tomorrow.
Click here to learn how to get a quote in just a few minutes.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
Our expert who first called NVIDIA in 2009 is predicting 2025 will see a historic AI breakthrough.
You can follow him investing $500,000 of his own money on our top AI stocks for free.