Grindr Chairman Steps Down Amid His Bid To Take The Company Private - Beritaja

The West Hollywood-based queer dating app Grindr could soon spell backstage aft the chair of the committee submitted a buyout bid and stepped down from his position.

James Lu, who served connected Grindr’s committee for much than 5 years, said past week he was resigning to attraction connected individual business pursuits. In October, Lu and chap committee personnel Ray Zage made an connection to return Grindr backstage successful a about $3.5-billion deal.

Lu and Zage collectively ain 60% of Grindr’s outstanding shares and offered to buy the remainder for $18 each successful cash. Shares were weighted astatine about $15 each successful midday trading Monday.

“My determination to resign from the Board is not a reflection of my views connected Grindr,” Lu wrote successful a missive to committee members announcing his resignation. “I stay optimistic about Grindr’s semipermanent prospects, arsenic demonstrated by the connection and my desire to return the institution backstage to refocus and execute connected opportunities to turn the business.”

Lu and Zage said they were willing successful closing the woody successful the first fewer months of 2026. The brace led the company’s first nationalist offering successful November 2022.

The committee formed a typical committee successful October to respond to the unsolicited take-private proposal. The Manhattan Beach-based sneaker company Skechers and the Los Angeles-based manner marque Guess were besides taken backstage this year.

“There is nary assurance that this connection will consequence successful a transaction aliases immoderate different strategical outcome,” Grindr said successful an Oct. 24 release.

Grindr posted its latest net past week, reporting a full gross of $116 cardinal for the 3rd quarter, a 30% year-over-year increase. The company’s quarterly nett income was $31 million.

Grindr executives said 2025 has been the about successful twelvemonth successful the company’s history successful position of profitability and engagement growth. Other mainstream making love apps, including Tinder and its genitor institution Match Group, person been struggling to clasp users.

Meanwhile successful Los Angeles, a batch of making love app startups person crowded the marketplace and dream to triumph complete users pinch imaginative approaches to online connection.

Grindr’s shares person fallen much than 15% this year.

In his missive to committee members, Lu said his buyout connection weighted shares “at a important premium for shareholders.”