IKEA Expands U.S. Manufacturing Amid Rising Tariffs and Supply Chain Strategy Shift 
China’s Services Sector Posts Slowest Growth in Five Months as Demand Softens 
EU Prepares Antitrust Probe Into Meta’s AI Integration on WhatsApp 
Airbus Faces Pressure After November Deliveries Dip Amid Industrial Setback 
Tesla Expands Affordable Model 3 Lineup in Europe to Boost EV Demand 
Visa to Move European Headquarters to London’s Canary Wharf 
Dollar Weakens Ahead of Expected Federal Reserve Rate Cut 
YouTube Agrees to Follow Australia’s New Under-16 Social Media Ban 
Tesla Faces 19% Drop in UK Registrations as Competition Intensifies 
OpenAI Moves to Acquire Neptune as It Expands AI Training Capabilities 
RBI Cuts Repo Rate to 5.25% as Inflation Cools and Growth Outlook Strengthens 
Europe Confronts Rising Competitive Pressure as China Accelerates Export-Led Growth 
Airline Loyalty Programs Face New Uncertainty as Visa–Mastercard Fee Settlement Evolves 
Proxy Advisors Urge Vote Against ANZ’s Executive Pay Report Amid Scandal Fallout 
Japan’s Nikkei Drops as Markets Await Key U.S. Inflation Data 
Gold Prices Edge Higher as Markets Await Key U.S. PCE Inflation Data 
Asian Markets Stabilize as Wall Street Rebounds and Rate Concerns Ease 
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.
