Tinder owner Match Group just got Amazon'd by Facebook (MTCH)

pulse

May 1, 2018 6:47 PM

The features will be for "real long-term relationships, not just hookups," Zuckerberg said. Noting that people tell him all the time that they met their partner on Facebook.

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Shares of
"We understand this category better than anyone. Facebook's entry will only be invigorating to all of us," Match responded.
It's not the first time a mega-cap tech company has decimated smaller competitors by entering a new field.

Match Group, the company that owns Tinder, OkCupid, and Match.com, is tanking after Facebook announced it will launch dating features on its main platform.

Shares of the company plummeted more than 20% immediately following CEO Mark Zuckerberg's comments at Facebook's F8 conference in California on Tuesday afternoon.

This isn't the first time a tech giant has flaunted its influence in ways that hurt smaller fledgling companies. Amazon's entry into a number of industries — from shipping to groceries to healthcare — has caused headaches for competitors including UPS, Kroger, and Walgreens, who stand to be disrupted.

The new standalone feature will be separate from Facebook's main product, Zuckerberg said. The goal is to help people forge "real long-term relationships, not just hookups," he said, noting that people tell him all the time that they met their partner on Facebook.

Shares of InterActive Corp (IAC), which recently spun off Match Group, also fell more than 12% on the news.

Prachi Bhardwaj contributed to this report.

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