Report: Tinder Now Valued Over $5 Billion

Los Angeles-based Tinder, the mobile dating app developer led by Sean Rad, is now worth over $5 billion, according to a report Friday from Bloomberg. Bloomberg said that IAC recently bought 10 percent of Tinder from venture capitalist Chamath Palihapitiya, for $500M. Bloomberg cited "people with knowledge of the deal." IAC"s Barry Diller said that investors have been "banging through our doors" trying to buy a piece of Tinder. A valuation of $5 billion puts Tinder's worth above the $3 billion offer that Snapchat rejected last year from Facebook.