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Photo Illustration by Rafael Henrique/SOPA Images/LightRocket via Getty Images

Twitter Wednesday said it was selling its mobile ad network called MoPub to ad tech giant AppLovin for $1 billion in cash.

Why it matters: Twitter says it will use the proceeds from the sale to bolster the development of its owned and operated products and to boost its own internal advertising products.

Be smart: Twitter is making a sizable profit from the deal. The company acquired MoPub in 2013 for $350 million.

In a statement, Twitter chief financial officer Ned Segal said that the company plans to double down on product development, which will help it reach its previously-stated goal of doubling annual revenue by 2023 earlier than planned. He acknowledged, however, that the sale will lead to some short-term revenue losses.

  • "The sale of MoPub is all about increased focus, redirecting our resources and delivering faster growth in a number of key areas including performance-based ads, SMB and commerce," said Bruce Falck, Twitter's revenue product lead.

The big picture: Changes to privacy rules are forcing tech companies to rework their product roadmaps to focus more on making money from users directly, instead of focusing solely on highly-targeted ads.

Go deeper

Oct 8, 2021 - Health

Pandemic fuels activity in health care's billing industry

Illustration: Annelise Capossela/Axios

Money is flowing heavily into the business of medical billing as hospitals and doctors — whose revenues were disrupted by the coronavirus — focus on maximizing every dollar they can collect from patients and insurers.

The big picture: The rise and even existence of the billing industry is the result of a fragmented system that is designed around multiple types of insurance plans and a system that has increasingly forced patients to shoulder more of the costs of their care.

Rent the Runway dresses up IPO filing

Photo: Pavlo Gonchar/SOPA Images/LightRocket via Getty Images

Rent the Runway’s IPO filing on Monday is selling both a story of a post-pandemic rebound that investors can get in on early — and one of eye-popping losses that even greatly massaged non-GAAP metrics can’t hide.

Why it matters: Venture-backed companies have gotten pretty good at going public and selling investors on their ongoing lack of profits. But Rent the Runway is turning up the dial.

"Atmospheric river" swings Northern California from drought to flood

Satellite view of the bomb cyclone swirling off the coast of the Pacific Northwest and the atmospheric river affecting California on Oct. 24. Photo: CIRA/RAMMB

A series of powerful "atmospheric river" storms are delivering historic amounts of rainfall across parts of drought-stricken California and the Pacific Northwest.

Why it matters: The atmospheric river, packing large amounts of moisture, was causing Northern California to whiplash from drought to flood, as it slowly moved south overnight. It's triggered widespread power outages, flooding and mudslides.