Shares of the company which owns dating companies Tinder, OK Cupid and Match.com plummeted this morning, following an announcement Facebook is launching a dating feature.
Shares for Match Group are down over 20 percent following the announcement by embattled Facebook chief executive Mark Zuckerberg.
He made the announcement at a company conference in California on Tuesday afternoon (local time).
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Testing of the feature is scheduled for later this year.
The new features will allow Facebook users to create a dating profile that separate from their main profiles.
Activity within the dating feature will not be shared with the user's Facebook friends.
In a statement, Match Group CEO Mandy Ginsberg welcomed the competition.
"We're flattered that Facebook is coming into our space," she said.
Ms Ginsberg then took a thinly veiled swipe at the social media behemoth, referencing the recent criticism its faced in the wake of the Cambridge Analytica data leak.
"We're surprised at the timing given the amount of personal and sensitive data that comes with this territory," she added.
Newshub.
