Proactive Investors - Grindr (NYSE:GRND), the gay dating app, is facing a mass exodus of its workers after it ordered all its staff to return to offices for a minimum of two days a week.
Around 80 of the company’s 178 workers resigned at the end of August, less than a month after the return-to-work mandate was put in place, with some arguing the order was a repercussion to the workforce unionising.
Communications Workers of America (CWA) said staff at Grindr announced the plans on July 20 before management responded with the changes, with the union arguing management trying to silence its employees.
Having filed an unfair labour practise charge against Grindr’s management, the workers said they were told about the return-to-office mandate via a Zoom call where they were muted and unable to ask questions after the call.
George Arison, the chief executive officer at Grindr, revealed at an industry conference that the company expected “ the team will be smaller than where we were before and where we want to be."
"You don't need that big of a team to do the things that we need to do," he added.
Grindr went public last year via a SPAC in November last year and was valued at around US$2.1 billion, with shares soaring as high as US$36.
However, since then, the share price has plummeted and is trading lower than the pre-acquisition price at around US$6, although shares rallied on Thursday closing 10% higher.
Grindr remained flat in pre-market trading on Friday having closed at US$5.42.