I've already sold a big portion off today, it's price is unsustainable. I'll consider buying in later after it dumps. But to address your points:

1. LA has a metro population of 18m. The US has a 3.8% LGBT according to NPR, but I'll be generous and say LA has 6%, half of which are men. Pew research says 55% of gay men have used a dating app before. So now, we're at 18000000* 0.03* 0.55=297000.

So that means Grindr's active base is 16.8% of the total population. 1 in 6. That's a healthy size that still has potential for growth.

2. Social media and dating apps don't have much competition. Unlike other businesses, quantity > quality. If all the people are on Grindr, you either put up with Grindr's service or go to a better app with no one on it. I doubt anyone can dethrone them as the gay app except Match Group/Bumble.

3. Why is Grindr Extra a bust from the business perspective? Users may be unhappy, but that's not the core consideration - revenue is. Tinder users are profoundly unhappy too.

4. Ads have never been a primary revenue source for any dating app. I still see much potential for Grindr, it's one of the only avenues to target messages specifically to LGBT crowds, unlike Tinder, which has a general base. Healthcare ads (e.g. Monkeypox services), queer events, etc. are perfect advertisers.

5. Goldman Sachs is behind most listings anyway.

You were so off on this. On a basic fundamental level, Grindr wasn't even that overvalued compared to the other dating companies. It has impressive growth, revenue, and much potential as the premier LGBT app in a liberalising world.

Plus, a massive redemption rate and a memeable well-known company (Gay sex) means it was a prime candidate for a deSPAC squeeze.

Unrestricted lockups don't mean anything, the owners were never going to dump 150m shares on the opening day - that'd destroy the ticker immediately.