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This exec went from pitching VC funds to raking in billions — AppLovin CEO now worth $11 billion. Here’s how

Nov 10, 2024 - livemint.com
Adam Foroughi, co-founder of AppLovin, is now among the world's top 260 richest people, with a fortune of $10.9 billion. This comes after his company's shares soared by 4% on November 7, 2024, and have seen a 7x increase in 2024, leading to a company valuation of $102 billion. Foroughi, who owns 10% of AppLovin, has seen his net worth increase significantly as a result. The company's Q3 revenue climbed 39% to $1.2 billion, and it is projected to see a Q4 revenue of $1.24-1.26 billion.

Foroughi, born in Tehran, Iran, in 1979, moved to the US as a child and graduated from Berkeley in 2001. After being rejected by venture capitalists in 2012, he bootstrapped AppLovin with the help of angel investments and a $280 million market loan in 2018. Today, AppLovin competes with Meta and Alphabet in the digital marketing space, focusing on marketing strategies for smartphone users, mobile games, and interactive ads. Foroughi's 10% stake in AppLovin comprises 99% of his net worth.

Key takeaways:

  • Adam Foroughi, the CEO of AppLovin, is now among the world's top 260 richest people with a $10.9 billion fortune, according to the Bloomberg Billionaires Index.
  • Shares of AppLovin have seen a cumulative 7x increase in 2024, with Foroughi owning 10% of the company.
  • AppLovin's Q3 revenue climbed 39% to $1.2 billion, exceeding analysts' estimates, and it expects Q4 revenue of $1.24-1.26 billion, representing growth of about 31%.
  • Foroughi, who was born in Tehran and moved to the US as a child, co-founded AppLovin in 2012 and bootstrapped the business with help from angel investments and a $280 million market loan in 2018.
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