Grindr’s month-long bid to go private has fizzled out—much like many chats on the app. Major shareholders Raymond Zage and James Lu couldn’t secure the $1 billion in financing they needed. The company said, “The special committee has been unable to obtain satisfactory information about definitive financing.” Grindr’s stock plunged 12%, echoing frustration from LGBTQ users long fed up with glitches, bots, and an ever-growing paywall. A Swedish short-seller called the app “a prime example of enshittification that leads to user exodus,” sending shares tumbling further. CEO George Arison pushes a more corporate future, but users remain unconvinced.
