The Inside Story Of How A Former Hedge Fund Star Made His First Billion On Grindr https://t.co/FIODju1cKK ...

The LGBTQ social networking platform Grindr made its public debut in 2022 following its merger with special purpose acquisition company (SPAC) Tiga Acquisition Corp. in New York City. (Spencer Platt / Getty Images) Grindr, the publicly-traded company behind the popular dating and social networking app for LGBTQ people, is closer to becoming private. On Friday, two of Grindr's board members who are also major investors offered to acquire the West Hollywood company for $18 per share in cash, a proposal tha ...

George Raymond Zage III and James Fu Bin Lu submitted a non-binding proposal to take Grindr private by acquiring all of the company’s outstanding shares they don’t already own. https://t.co/jIpL38y5k5 ...

Group 1 - The proposal prices the shares at $18 each, representing a premium of about 51% to Grindr's stock price on October 10 [1]

Core Viewpoint - A consortium of Grindr shareholders, owning over 60% of the outstanding shares, has submitted a non-binding proposal to take the dating app private [1] Group 1 - The consortium includes notable shareholders such as George Raymond Zage III and James Fu Bin Lu [1] - The proposal indicates a significant interest in restructuring Grindr's ownership and potentially enhancing its strategic direction [1]

Group 1 - A consortium of Grindr shareholders, owning over 60% of outstanding shares, has proposed to take the dating app private for approximately $3.46 billion [1] - Following the announcement, Grindr's shares increased by over 22% [1] - Grindr has become a prominent dating platform for the LGBTQIA+ community since its launch in 2009, with millions of users across more than 190 countries [1] Group 2 - The consortium has received significant expressions of interest for financing, including multiple highly confident letters and equity contributions, indicating strong support for the acquisition [2] - The shareholders are confident that the financing sources will be sufficient to fund the acquisition [2] - Grindr has not yet responded to requests for comment regarding the proposal [2]

Core Insights - Proactive provides fast, accessible, and actionable business and finance news content to a global investment audience [2] - The company focuses on medium and small-cap markets while also covering blue-chip companies and broader investment stories [3] - Proactive's news team delivers insights across various sectors including biotech, mining, oil and gas, and emerging technologies [3] Technology Adoption - Proactive is committed to adopting technology to enhance workflows and content production [4] - The company utilizes automation and software tools, including generative AI, while ensuring all content is edited and authored by humans [5]

Group 1 - The core point of the article is the rise of prompt engineering as a profession, highlighted by Riley Goodside's recent joining of Google DeepMind, marking a significant milestone in the field [1][6][12] - Riley Goodside became famous for earning over one million dollars annually by engaging with AI, particularly ChatGPT, which popularized the role of prompt engineers [1][6][12] - The profession of prompt engineering has gained legitimacy and importance over the past three years, contrary to initial skepticism about its sustainability [12][9] Group 2 - DeepMind's CEO Demis Hassabis and product head Logan Kilpatrick publicly welcomed Goodside, indicating the significance of his role within the company [2][3] - Goodside's background includes a degree in computer science from PennWest California and experience in data-related roles at various companies, showcasing his expertise in the field [8] - The article discusses the evolution of prompt engineering, emphasizing its role as a frontier in the development of large language models (LLMs) and the importance of effective prompt design [13][12] Group 3 - Goodside's notable contributions include designing advanced prompts that enhance the capabilities of AI models, demonstrating the potential of prompt engineering to unlock AI's full potential [19][10] - The article mentions the concept of "glitch tokens," which are specific tokens in AI models that can lead to unexpected outputs, showcasing the intricacies of prompt engineering [15][16] - Goodside's work is seen as a bridge between traditional programming and the new paradigm of interacting with AI through natural language prompts [9][13]

Core Insights - Vanna Krantz attributes her career success to a combination of preparation, conviction, and the willingness of leaders to take risks on capable individuals [1][2] Group 1: Career Development - Krantz's early career involved navigating the challenging environments of major financial institutions such as PwC, Merrill Lynch, Morgan Stanley, and Credit Suisse, which built her confidence and rigor [2][3] - A significant turning point in her career was when a senior executive at Thomson Financial appointed her as SVP shortly before the acquisition of Reuters, showcasing the importance of being perceived as competent and committed [3][4] Group 2: Strategic Roles - At Thomson Reuters, Krantz spent a decade developing "academy-level finance," emphasizing the role of finance as a strategic engine rather than a back-office function [4] - Her transition to BAMTech Media, which was later acquired by Disney, was driven by instinct and the potential of the Disney+ project, rather than a calculated strategy [5] Group 3: Achievements - Krantz played a crucial role in the successful launch of Disney+, marking one of the most successful streaming launches in history [6] - As CFO of Grindr, she led the company through its public offering in 2022, rebranding it as a digital community for the LGBTQ+ population rather than merely a dating app [6]

Core Insights - Grindr's largest shareholders are exploring the possibility of taking the company private again after its public debut via a SPAC merger in 2021 [2][3] - The shareholders, Raymond Zage and James Lu, are in talks with Fortress Investment Group to acquire Grindr at $15 per share, while the stock closed at $12.72 on October 15 [3][4] - Grindr's stock has experienced volatility, peaking at $24.73 in June before dropping 12% and facing a 3% decline since early September due to a short position revealed by Ningi Research [8] Financial Performance - Grindr reported a 27% year-over-year increase in revenue for Q2 in its latest earnings report [9] - The company is introducing AI-powered features for its highest-paying users and has launched a telehealth service for erectile dysfunction medications [9] Shareholder Dynamics - Zage and Lu collectively control over 60% of Grindr's shares, with Lu serving as board chair and Zage on the board, prompting the establishment of a committee of independent directors to evaluate any potential buyout offers [4]