IAC exec: Reported Tinder valuation "nowhere near the truth"

|By:, SA News Editor

Sam Yagan, the head of InterActiveCorp's (IACI +0.7%) Match Group, confirms his company bought back a stake in Tinder from VC Chamath Palihapitya. But he adds the $5B valuation reported today by Bloomberg is "nowhere near the truth."

IAC shares have given back most of the gains they initially saw in response to the Bloomberg report, but have still soundly outperformed the Nasdaq (down 1.2%).

The company's Tinder interest is part of the recently-formed Match Group, which many think could be spun off in time.