IAC is laying off a third of Investopedia staff

Barry Diller,
chairman and senior executive of IAC.
Thomson Reuters

InterActiveCorp
— the holding company behind OKCupid, Vimeo, The Daily Beast, and
more — plans to lay off about one third of the staff at
Investopedia, according to a regulatory filing Friday. 

In a New York State WARN notice
dated July 31, the company said the firing of 36 of the financial
encyclopedia’s 96 employees was due to economic reasons and that
the employees were not unionized. 

IAC’s stock price was down about 0.4% in pre-market trading
Friday. 

Shares of IAC have risen 41% since the beginning of 2018, fueled
by solid bets on dating apps and sites like Tinder, Match.com,
Plenty of Fish, and more. It has since spun many of those,
including Tinder, to Match Group, in which IAC has a roughly 22%
stake.

Investopedia saw a massive influx of traffic to its site,
especially its explanatory pages about cryptocurrency and
blockchain, amid the bitcoin mania in early 2017, its
CEO David Siegel told Business Insider in January. At the
time, he compared the hype surrounding bitcoin and other
alt-coins to the dot com bubble of the 1990’s. 

Representatives for IAC did not immediately respond to a request
for comment from Business Insider.