Billionaire Who Bought Grindr Gets Very Expensive Divorce
The Chinese billionaire who owns a majority stake in Grindr will be slightly less of a billionaire after his divorce from his wife, Forbes reports. Zhou Yahui agreed to transfer 278 million shares of his company, Beijing Kunlun World Wide Technology Share Company, to his wife, Li Qiong. The shares are worth an estimated $1.1 billion. However, the New York Times reports Li won’t be able to cash out those shares until 2018. It’s one of the largest divorce settlements in Chinese history.
The Telegraph calls Zhou and Li “China’s richest young couple,” and CNN reports their combined wealth is estimated at $3.5 billion. Zhou made his fortune developing games for the internet and mobile devices. His company bought a controlling stake in the gay dating app Grindr for $93 million last January. The divorce settlement will leave Zhou with about 388 million shares in his company, good enough to maintain a 35% majority stake. The divorce rate in China is rapidly increasing from next to nothing, going from 1.7% in 2008 to 2.8% in 2015.