Match stock is tanking in light of Facebook’s dating play

On the heels of Facebook announcing its intent to add a dating element to its platform, dating company Match’s stock is suffering. Match is the brand behind dating services like Tinder, Match, OK Cupid and Plenty of Fish.

At the time of publication, Match’s stock was trading down about 22 percent.

Facebook’s entrance in this space brings it into direct competition with Match’s bread and butter. According to Facebook CEO Mark Zuckerberg, the dating functionality will be a standalone feature that will focus on legitimate long-term relationships, rather than just hookups.

Though, Match Group CEO Mandy Ginsberg says she is flattered by Facebook’s entrance into its space.

“We’re flattered that Facebook is coming into our space – and sees the global opportunity that we do – as Tinder continues to skyrocket,” Ginsberg said in a statement to TechCrunch. “We’re surprised at the timing given the amount of personal and sensitive data that comes with this territory. Regardless, we’re going to continue to delight our users through product innovation and relentless focus on relationship success. We understand this category better than anyone. Facebook’s entry will only be invigorating to all of us.”

Meanwhile, the parent company of Match threw some shade at Facebook. In a statement provided to TechCrunch, IAC CEO Joey Levin said,

Come on in. The water’s warm. Their product could be great for US/Russia relationships.

Bumble is another competitor that may be affected by Facebook’s new service, but the company says it’s “thrilled” about today’s news.

“Our executive team has already reached out to Facebook to explore ways to collaborate,” a Bumble spokesperson said in a statement to TechCrunch. “Perhaps Bumble and Facebook can join forces to make the connecting space even more safe and empowering.”