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Match Group shares fell more than 23 percent on the news of Facebook's service.
IAC, Match Group's parent company, dropped more than 15 percent.
Facebook will offer its first dating service, Chief Executive Mark Zuckerberg said on Tuesday, signaling the entry of the world's largest social network into a growing market that sent shares of established dating site operators tumbling.
Zuckerberg told software developers at Facebook's annual F8 conference that a dating service would be a natural fit for a company that specializes in connecting people online.
Cox said he had been thinking about a dating feature on Facebook since 2005, when he joined the company about a year after its founding.
The company began seriously considering adding a dating service in 2016, when Zuckerberg posted on his Facebook page a photo of a couple who had met on the network, Cox said.
Moderator and Tech Crunch writer Sarah Buhr then asked the three how they deal with the churn aspect of dating apps.
Concerns about privacy on Facebook have grown since the social network's admission in March that the data of millions of users was wrongly harvested by political consultancy Cambridge Analytica.
A dating service "represents a potentially challenging situation if Facebook can't fulfill its promise to offer dating services in a privacy-protected and safe way," said Debra Aho Williamson, an analyst at e Marketer.
But, Wolfe noted that Bumble may soon introduce additional paid features, but will never charge for the basic dating and safety functionality already baked into the app.
The discussion then turned to in-app advertisements, which Tinder recently rolled out.