IAC is laying off a third of Investopedia staff (IAC)


Barry Diller, Chairman and Senior Executive of IAC/InterActiveCorp and Expedia, Inc., rides a bike during the first day of the annual Allen and Co. media conference in Sun Valley, Idaho July 8, 2015. REUTERS/Mike Blake

Investopedia plans to lay off about a third of its staff, according to a state regulatory filing.
The site is owned by InterActive Corp, the brand behind Tinder, The Daily Beast, and more.
Follow IAC’s stock price in real-time here.

InterActiveCorp — the holding company behind OKCupid, Vimeo, The Daily Beast, and more — plans to lay off about one third of the staff at Investopedia, according to a regulatory filing Friday.

In a New York State WARN notice dated July 31, the company said the firing of 36 of the financial encyclopedia’s 96 employees was due to economic reasons and that the employees were not unionized.

IAC’s stock price was down about 0.4% in pre-market trading Friday.

Shares of IAC have risen 41% since the beginning of 2018, fueled by solid bets on dating apps and sites like Tinder, Match.com, Plenty of Fish, and more. It has since spun many of those, including Tinder, to Match Group, in which IAC has a roughly 22% stake.

Investopedia saw a massive influx of traffic to its site, especially its explanatory pages about cryptocurrency and blockchain, amid the bitcoin mania in early 2017, its CEO David Siegel told Business Insider in January. At the time, he compared the hype surrounding bitcoin and other alt-coins to the dot com bubble of the 1990’s.

Representatives for IAC did not immediately respond to a request for comment from Business Insider.

SEE ALSO: The CEO of Investopedia breaks down 2017’s top search terms — you can probably guess what was No.1

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Source:: Business Insider

      

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