Twitter selling ad company for USD 1 billion
Twitter announced it is selling mobile ad company MoPub to AppLovin Corp for $1.05 billion in cash. Twitter CEO Jack Dorsey said it will accelerate his company’s “ability to invest in the core products”. In 2020, MoPub generated approximately $188 million in annual revenue, Twitter said in a press release.
The company said it will “enable Twitter to accelerate the development of owned and operated revenue products and drive growth across key areas for the service including performance-based advertising, small and medium-sized business (SMB) offerings, and commerce initiatives.”
Jack Dorsey, Twitter CEO says: “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.
Ned Segal, Twitter CFO says: “The sale of MoPub positions us to concentrate more of our efforts on the massive potential for ads on our website and in our apps. We plan to accelerate product development and replenish the near term revenue loss, with the goal of improving our time to market to deliver on our previously stated goal of at least doubling total annual revenue from $3.7 billion in 2020 to $7.5 billion or more in 2023.”
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