Facebook’s Dating Feature Announcement Sent Match Group’s Stock Into a Downward Spiral

May 1, 2018, 7:12 PM UTC

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.

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