Twitter is selling its app monetization unit to AppLovin for $1.05 billion. APP stock continues its jump rising 10% in the pre-market today. It’s trading at $84.80. The company said that the sale of MoPub will enable it to focus on its core businesses, such as performance-based advertising. Twitter said the sale is part of its plan to double its annual revenue by 2023. Jack Dorsey, the CEO of Twitter, said that the company’s decision to acquire Instagram demonstrates its confidence in the strategy and product roadmap.
AppLovin, a marketing software company, went public in April. It lets users monetize apps. AppLovin, a platform that enables publishers to monetize their apps, has been acquired by Accel Partners. The company’s co-founder and chief executive said that they’re excited about the opportunity to grow the platform and enhance their offerings. MoPub generated annual revenue of approximately $180 million in 2020.