Early employees and founders of Tinder have filed a court case blaming parent company InterActiveCorp (IAC) of cheating them out of billions by influencing the value of sashes for the well-liked dating application. The lawsuit filed in New York challenges that Match Group (which owns Tinder) and IAC schemed to radically push down the value of shares and then remove them altogether.
“The firms made contractual commitments to retain and recruit the people who developed Tinder but then bullied, lied, and breached their contractual promises, stealing billions,” claimed attorney who filed the lawsuit on behalf of Tinder co-founders, Orin Snyder, to the media in an interview. The co-founders include Justin Mateen, Jonathan Badeen, Sean Rad and some other individuals for its startup days.
The suit claims Match and IAC as defendants, blaming the firms of violation of contract and asked for minimum $2 Billion in compensation in addition to punitive damages. Tinder, developed in 2012, employs geolocation to find close by romantic matches for consumers.
On a related note, earlier this year Tinder rolled out a new feature dubbed as Places. As one can tell from the name itself, the new feature will allow consumers get in touch with those who visit at the same locations. This tends to make it even simpler to hook up with someone and find the best match.
Tinder claims that this new feature is presently being experimented in 3 cities namely Brisbane, Sydney, and Santiago, Chile. It is partially supported by Mapbox and partially by Foursquare.
This decision by Tinder appears to make a mark and get more users in its ship before Facebook begins its personal Dating platform that it displayed at the F8 developer’s meeting. This will be keen race for users to see who wins battle, claims the media report.