There might be too many fish in the sea for Match Group.
Facebook announced during its F8 conference Tuesday that it will debut a new dating feature. The move may be beneficial for Facebook, but sent Match Group’s stuck down about 20% at one point. Match Group owns dating sites Tinder, OKCupid, Match.com, and PlentyOfFish.
Match Group was already preparing for a face-off with dating app Bumble in a lawsuit for patent infringement after a failed attempt to buy the company for $450 million last year.
Facebook’s F8 conference kicked off with a keynote from Facebook founder and CEO Mark Zuckerberg, where he announced the new plans for dating and romance features. The new service is meant to help people find “”long-term relationships” rather than “hookups” and will operate on separate a messaging channel than Messenger or WhatsApp.
Facebook also announced a “clear history” feature and updates to its Instagram app Tuesday.