AppLovin CEO Once Spurned by VC Firms Now Worth $11 Billion
- Co-founder Adam Foroughi funded the ad-tech company with debt
- Shares have soared seven-fold this year on strong earnings, AI
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When AppLovin Corp. co-founder Adam Foroughi pitched his fledgling ad-tech business to Bay Area venture capital firms more than a decade ago, he was rejected by every one. He got the last laugh.
Shares of Palo Alto, California-based AppLovin have surged seven-fold this year, giving Foroughi a net worth of $10.9 billion and vaulting him into the ranks of world’s 500 richest people at number 251, according to the Bloomberg Billionaires Index.