Here are the people who made millions as Wall Street renewed its love affair with adtech and IPOs surged


AppLovin CEO Adam Foroughi

AppLovin CEO Adam Foroughi

Market cap: $20.4 billion

Closing share price on first day of trading (April 15): $65.20

AppLovin has ridden the huge surge in mobile M&A this year from the uncertainty of Apple’s privacy changes on ad targeting, rising adtech stocks, and consumers spending more time with gaming apps. Shortly after going public this spring, AppLovin acquired mobile measurement firm Adjust for a reported $1 billion, Bloomberg reported.

KKR bought a stake in AppLovin in 2018, and it paid off, ballooning to $6.8 billion in value after the first day of trading. In 2016, private equity firm Orient Hontai Capital planned to acquire AppLovin before the deal was called off. Instead, Orient Hontai backed the startup with $841 million in debt financing, and got a stake worth $1.7 billion when AppLovin IPOed. Angel Pride Holdings got $1.7 billion. And Nimble Ventures got $748 million. AppLovin raised $2 billion prior to its IPO, according to PitchBook.

The big individual winners of AppLovin’s IPO, according to its S-1:

  • Adam Foroughi, cofounder and CEO: $1.8 billion
  • John Krystynak, cofounder: $1.6 billion
  • Adam Karam, cofounder and VP of product: $1.4 billion
  • Herald Chen, president and CFO: $303 million

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