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Match Pays Tinder Co-Founders $441 Million to End Lawsuit

Match has settled a lawsuit brought forward by Tinder co-founders who claimed the company cheated them out of billions of dollars' worth of stock options. Tinder's former CEO and dot.LA investor Sean Rad, former CMO Justin Mateen, and others brought the case against Match, seeking $2 billion. Today, they settled for $441 million. Read more >>

Here's what else we're reading in the news:

How Match Got Stuck Footing the Bill

By Harrison Weber

The $441 million lawsuit settlement is a significant sum for Match, which had $523 million in cash and short-term investments on hand as of Sept. 30.

Tinder launched in 2012 out of Hatch Labs, IAC's now defunct incubator. And while the holding company — which buys and flips media and tech firms like Vimeo and Expedia — was also wrapped up in the case, Match took on IAC’s liability when the two split into separate, publicly traded companies last year. That means Match and its shareholders were stuck with footing the bill for the settlement.

LA Metro’s $1 Rideshare Experiment Is Expanding to the Westside

By Maylin Tu

L.A. Metro’s answer to Uber, Lyft will be coming to Westwood/UCLA on Dec. 12 with the launch of its rideshare service Metro Micro in its ninth zone in Los Angeles. The rideshare experiment launched in Jan. 2019 to bring rideshare to L.A. residents underserved by companies like Uber and Lyft. The $1 on-demand service will run Monday to Friday from 9 a.m. to 9 p.m.

Electric Vehicle Maker Phoenix Motors Is Going Public

By Samson Amore

SPI Energy filed regulatory papers this week to spin out its electric vehicle unit Anaheim-based Phoenix Motors with hopes of raising $150 million in the public market. Phoenix Motors is the latest in a progression of electric vehicle makers to go out for an IPO in a bid to offset growing losses and gain access to cash to build electric cars.

Google-Backed Groundswell Raises $15 Million Seed Round

By Samson Amore

Military veteran Jake Wood is behind El Segundo-based startup Groundswell, a Google-backed app that gives employees a way to offer charitable giving as part of their benefits package. The company has raised $15 million to launch the app in the first quarter of 2022.

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