US, EU Push for Action Against Asia’s Excess Factory Capacity 
Dollar Near 18-Month High as Euro, Yen and Pound Weaken 
RBI Raises Repo Rate to 5.50% in Hawkish Shift on Inflation Risks 
Oil Prices Rise as Hormuz Risks Offset IEA Stock Release 
MSTR Stock Rises as Barclays Raises Price Target to $175 
EU Gives Crypto Platforms Three Months to Remove USDT Under MiCA Rules 
Moscow Exchange to Launch Crypto Trading on December 1 
Zcash Plans Quantum-Resistant Security Upgrade for January 
Rising Rates Top Global Growth Risks as Wealthy Investors Favor Asia 
Elon Musk Accuses Indian Telecom Giants of Blocking Starlink Launch 
US Suspends Microsoft, Adobe From Green Card Program 
Bangladesh GDP Growth Accelerates to 4.6% on Industrial Rebound 
Gold Prices Hit One-Week High as Oil Falls, Fed Rate Outlook Weighed 
US Stock Futures Flat as Fed Minutes, Earnings Loom 
France to Release 10 Million Barrels of Diesel to Ease Fuel Prices 
Polkadot Launches dotUSD Stablecoin as DOT Price Falls 
Amazon Cuts More Jobs as AI Investment Expands 
Add as a preferred source on Google
Twitter has sold its mobile ad network, MoPub, to the mobile tech company, AppLovin, for $1.05 billion. The social media giant revealed the acquisition deal on Wednesday, Oct. 6.
AppLovin will be paying Twitter in cash, and its shares reportedly jumped up to more than eight percent in extended trading after its purchase of MoPub was revealed. According to CNBC, the San Francisco, California headquartered microblogging and social networking service platform said it decided to sell
Twitter shared it decided to sell MoPub as part of its strategic plan to accelerate the development and expansion of its own revenue products. Additionally, the sale is in line with the company’s goal of achieving a $7.5 billion target revenue by the end of 2023.
“This transaction increases our focus and demonstrates confidence in our revenue product roadmap, accelerating our ability to invest in the core products that position Twitter for long-term growth and best serve the public conversation,” Twitter’s chief executive officer, Jack Dorsey, said in a press release. “We thank the incredible teams and customers who have contributed to making MoPub a success within Twitter over the years.”
The company’s revenue product lead, Bruce Falck, added that the “sale of MoPub is all about increased focus, redirecting our resources and delivering faster growth in a number of key areas including performance-based ads, SMB, and commerce.” He said they are certain that MoPub has found a perfect home in AppLovin as it continues to develop its business and service offerings for its customers.
In a separate statement, AppLovin’s CEO, Adam Foroughni, said that they are excited about the acquisition of MoPub as it gives them the opportunity to grow their own AppLovin platform. The strategic purchase will also allow them to further improve their publisher monetization tools.
The social media firm acquired MoPub in 2013 for around $350 million. In 2020, it generated $188 million in profits for Twitter, and this number is equivalent to 5.9 percent of the firm’s advertising revenue of that year. Now it is selling it to AppLovin after the company’s board unanimously voted for the sale, Reuters reported.
