Blackstone is set to exit its investment in Bumble after nearly seven years, having doubled its money despite the dating app's stock decline. Blackstone initially acquired a majority stake in Bumble's parent MagicLab in 2019 at a $3 billion valuation, and the company went public a year later at a $13 billion valuation. Bumble's shares have since fallen more than 96% from their high, reducing its market value to under $450 million. According to SEC filings, Blackstone entered a deal with UBS late last year and is on track to sell out of its position in the first half of next year.
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