Diamonds and Dogs
Bumble (BMBL) not bumbling their IPO. The online dating app debuted today up 80% after raising $2.2 billion in their IPO valuing the company at over $7 billion. Bumble operates dating apps Badoo and Bumble, grew revenue from $360 million in 2018 to $489 million in 2019. Bumble's apps currently serve over 40 million users on a monthly basis.
Easy come, easy go. Cannabis stock, Tilray (TLRY) is down 40% today halting a record three-day rally as Reddit-inspired traders attempted to pump up the cannabis sector to multiyear highs. The loss helped push the cannabis ETF, known by its ticker MJ, down 23% in its biggest one day drop. Canopy Growth Corp (CGC), the biggest cannabis company by market value, is tumbling 23%.
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