Mobile gaming company AppLovin raised $2 billion in its IPO, valuing the company at $28.6 billion ahead of the start of trading on Thursday.
It's a huge jump from 2018 when KKR invested $400 million in the company at a $2 billion valuation. The IPO also makes AppLovin's CEO and co-founder, Adam Foroughi, tech's newest billionaire with a stake worth approximately $2.2 billion, according to CNBC.
Biz Carson (
@bizcarson) is a San Francisco-based reporter at Protocol, covering Silicon Valley with a focus on startups and venture capital. Previously, she reported for Forbes and was co-editor of Forbes Next Billion-Dollar Startups list. Before that, she worked for Business Insider, Gigaom, and Wired and started her career as a newspaper designer for Gannett.