Bumble announced this week that it’s laying off nearly a third of its employees. Its stock prices have fallen sharply since its 2021 IPO.

Bumble, the beleaguered dating app who’s stock has lost 90% of its value since going public in 2021, is axing 30% of its workforce.

Bumble said it’s cutting 240 roles in a major restructure aimed at saving $40 million a year and funding tech innovation.