Barry Diller denies IAC Low-Balled Tinder co-founders (2)

Barry dillerrepeatedly rejected the idea that IAC / InterActiveCorp. undervalued Tinder and cheated his co-founders with a big win for their participation in the popular dating app.

Testifying for most of the day in a New York City courtroom on Monday, the 79-year-old president and founder of the IAC was often impatient at the stand. He interrupted some questions, debated others, and laughed at a few. Diller called a question by Orin Snyder, a lawyer for Sean rad and other “ridiculous” Tinder founders.

Asked about claims that IAC had a reputation for being low value estimates, Diller replied, “It’s categorically no, it’s not true.” The estimates were used to price the payments to shareholders and employees. “The only thing we want them to be fair,” he said.

Diller’s testimony came in the second week of the trial in the lawsuit against IAC and Match Group Inc. by Rad, who launched Tinder in a hackathon at IAC’s Hatch Labs incubator, and other Tinder executives. The plaintiffs say they were deceived by the companies, which valued Tinder at $ 3 billion in 2017, instead of the $ 13.2 billion they actually claim to be worth.

“Never threatened anyone”

Diller, dressed in a pinstriped blue suit and seated behind clear plastic as a precaution against Covid-19, denied ever threatening to blame Rad for “everything he’s got, his parents and everyone he knows ”at the time the assessment was taking place.

“I never said those words,” Diller said. “I can say conclusively that I have never threatened anyone.”

Jurors will also hear from Greg Blatt, a former IAC executive who was Tinder’s CEO as the 2017 assessment approached. The plaintiffs claim Blatt was instrumental in rigging the process against them.

Snyder asked Diller about a November 2015 email from the former General Electric chairman Jack Welch, who was a paid consultant to the IAC. Welch called Blatt “cancer” and warned Diller that he “overestimated” the executive.

Welch “thought he was a bad apple,” Diller said. “I didn’t agree with him.”

The case is Rad v. IAC / InterActiveCorp, 654038/2018, New York State Supreme Court (Manhattan).

(Updates with Diller’s testimony in the second paragraph.)

–With the help of Chris Dolmetsch.

To contact the reporter on this story:
Bob van voris in Manhattan Federal Court at [email protected]

To contact the editors responsible for this story:
Katia Porzecanski at [email protected]

Tina Davis, Anthony Lin

© 2021 Bloomberg LP All rights reserved. Used with permission.


Source link

Comments are closed.