Dating app Tinder CEO Renate Nyborg has moved on after less than a year in the job after the company posted disappointing second-quarter results.
Match Group, which is the parent company of Tinder, also announced to stop plans to adopt virtual currencies and metaverse-based dating.
"Given the uncertainty about the ultimate contours of the metaverse and what will or won't work, as well as the more challenging operating environment, I've instructed the Hyperconnect team to iterate but not invest heavily in metaverse at this time," said Match Group CEO Bernard Kim.
Kim admitted in a shareholder letter late on Tuesday that the dating app has not been able to realize its typical monetization success over the past few quarters.
He announced the departure of Nyborg, announcing changes to the management team and structure.
"While we search for a permanent Tinder CEO, I will oversee a newly formed team of executives who will manage day-to-day operations and will ensure the Tinder organization is well coordinated, ships great new features at an increased velocity, and delivers on Tinder's promise," said Kim.
