Bumble's Whitney Wolfe Herd makes IPO history

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February 12, 2021

Good morning, Broadsheet readers! U.K. politicians debate maternity leave for lawmakers, Taylor Swift’s first re-recorded album is on its way, and Whitney Wolfe Herd sets a new record. Have a wonderful weekend.

– Whitney joins the club. Can you believe that only 20 or so women have ever taken the company they founded public?

It’s a startlingly tiny club—but one that gained a new member yesterday, when Bumble CEO Whitney Wolfe Herd rang the opening bell (virtually, and with her one-year-old son at her side), marking her company’s IPO. Wolfe Herd, 31, is the youngest woman ever to launch her company into the public markets, breaking a record set by Stitch Fix founder and CEO Katrina Lake back in 2017 (she was 34). Thursday also propelled Wolfe Herd into another rarified group, self-made female billionaires: She holds an 11.6% stake in the company, which, as of yesterday afternoon, was worth about $1.6 billion.

Emma spoke to Wolfe Herd in the midst of what must have been a chaotic and exciting day for the founder. The two discussed investors’ reaction to the company (shares were up 75% by yesterday afternoon); how she’s integrating the Bumble app side of the business with Badoo, the company’s other dating app; and how the company has changed since she took over leadership from Badoo founder Andrey Andreev.

You can read their whole Q+A here—but allow me to flag a couple of things that really jumped out for me:

–Bumble’s rare majority-female board. Wolfe Herd is clearly proud of this—and with good reason. It’s great to see her shouting out the many women who have helped her along the way.

–Bumble’s prospectus flagged that as company with a “mission” to “empower women in their relationships,” it might be “more severely affected by negative reports or publicity if we fail.” Interesting to see Wolfe Herd incorporate this concern, which has become a major topic of discussion among female-founded companies.

–Wolfe Herd on the breaking Lake’s record: “It’s pretty surreal. And it really is a moment to celebrate. We’re excited to hopefully have this record be broken soon; we are very excited to cheer on the next woman who beats this record.”

Kristen Bellstrom
kristen.bellstrom@fortune.com
@kayelbee

Today’s Broadsheet was curated by Emma Hinchliffe.

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ALSO IN THE HEADLINES

- When paid leave leaves you out. For the first time, ministers in the British government will have formal, paid maternity leave. MPs voted in favor of creating the policy, which only applies to cabinet ministers and the attorney general, leading to threats of a lawsuit from Labour MP Stella Creasy. She says that as written, the policy rewards political promotion with better rights. Guardian

- Money moves. President Biden is reportedly considering economist Lisa Cook for an open seat on the Federal Reserve Board. Were she to be confirmed for the spot, Cook would be the first Black woman to join the Fed. Axios

-It's official. Yoshiro Mori, the president of the Tokyo Olympic organizing committee, resigned today amid continued outcry over his sexist remarks (as you'll no doubt recall, he claimed women talk too much in meetings). New York Times

- Imposter who? Imposter syndrome isn't always the reason why women are held back in the workplace. Bias and discrimination are just as often the culprits. Diversity and inclusion experts Jodi-Ann Burey and Ruchika Tulshyan argue that we need to "stop telling women they have imposter syndrome." Harvard Business Review

MOVERS AND SHAKERS: After KPMG UK chairman Bill Michael stepped aside during an investigation into recent comments he made, including questioning the existence of unconscious bias, head of clients and markets Mary O’Connor will take over his responsibilities as senior partner and board member Bina Mehta will become chairman. Seattle Arts & Lectures CEO Ruth Dickey will become executive director of the National Book Foundation, succeeding Lisa Lucas. New York Public Radio hired Hogan Lovells' Monique Jefferson as chief human resources officer. The New York Stock Exchange named former Goldman Sachs partner Amanda Hindlian head of capital markets.

CONTENT FROM PWC

What’s keeping companies from doing better?

Sixty-eight percent of leaders believe their business serves the greater good, but only 15% of the wider public agrees. We need to act to help close the gap. We recently surveyed US business leaders, employees and the public to understand what fosters and inhibits trust. These findings shaped actionable steps to help companies fight for social justice and take action, Now.

IN CASE YOU MISSED IT

- Capture it, remember it. Taylor Swift's first re-recorded album—a project she took on in protest over the current owners of her back catalogue—will debut in April as Fearless (Taylor's Version). "Artists should own their own work for so many reasons," Swift said, "but the most screamingly obvious one is that the artist is the only one who really knows that body of work." NPR

- Meghan v. Mail. Meghan, The Duchess of Sussex won a privacy lawsuit against Associated Newspapers, publisher of the Mail on Sunday. The duchess sued the publisher after the paper ran a letter she wrote to her father; a judge decided that "the disclosures were manifestly excessive and hence unlawful." Issues related to the letter's copyright will be decided at a full trial, which the judge decided was unnecessary for the privacy ruling. NBC News

- Get enlightened. Facebook vice president, global business group Carolyn Everson is a champion of "enlightened leadership"—sharing her failures, like founding Pets.com, with her teams. She writes for Fortune about how the strategy has transformed her leadership. Fortune

- Health is wealth. Two new startups are taking a unique approach to critical health issues. Coa, founded by Emily Anhalt and Alexa Meyer, is a therapy platform that treats mental health like going to the gym, with daily goals and check-ins. Equip, founded by Kristina Saffran and Erin Parks, just raised $13 million to provide online treatment for eating disorders.

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We need to retell U.S. history with Black people at the center Fortune

Searching for Shelley Duvall: The reclusive icon on fleeing Hollywood and the scars of making The Shining The Hollywood Reporter