Investors are ghosting Match Group after Facebook announced a scheme to invade its space.
At its F8 conference today, the social networking giant said it plans to launch a dating feature that will help people find love on Facebook. Shares in Match Group—which owns OKCupid and Tinder, in addition to Match.com—fell more than 23% in midday trading.
Tinder has been a boon for Match this year, delivering revenue growth of almost 30% for its most recent earnings. However, the smaller Bumble has been eating into Tinder’s market share, and the two dating-app companies are now embroiled in a legal fight over Tinder’s profile-swipe feature.
Facebook said its forthcoming dating feature will focus not on profile pictures, but on events and interests. Whether people will use the feature in light of Facebook’s privacy scandal remains to be seen, but some investors today are clearly sending the message that Match has met its match.