Who Owns AppLovin Company?

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Who really controls AppLovin?

AppLovin's founder-led structure and KKR's early stake shaped its path from a 2012 startup to a public adtech leader, with revenue rebounding sharply by 2024 and market cap topping $60 billion in 2025.

Founder share classes, KKR's 2018 minority investment, and large institutional public holders drive control and governance, while management retains strategic influence through dual-class voting.

Who Owns AppLovin Company? Key holders include founders, KKR as an early backer, and major public investors; see AppLovin Porter's Five Forces Analysis for strategic context.

Founders and Early Ownership of AppLovin trace to 2012 when Adam Foroughi, John Krystynak, and Andrew Karam built a founder-led adtech platform; early cap tables were concentrated among the three, with Foroughi the dominant holder and later designated controlling stockholder.

Founding team

Adam Foroughi (CEO), John Krystynak (CTO/Chief Architect) and Andrew Karam (product/engineering) launched AppLovin in 2012.

Founder control

Early ownership was founder-centric; the three collectively held a majority prior to institutional rounds, with Foroughi the single largest block.

Bootstrapped growth

AppLovin operated lean and revenue-driven through 2016, relying on product-led growth and internal cash flow before major external capital.

2016 proposed buyout

Orient Hontai Capital announced a proposed $1.4 billion acquisition in 2016 that was delayed by U.S. regulatory review.

2018 recapitalization

In 2018 AppLovin sold a 9.98% minority stake to KKR, raised debt, and restructured to preserve U.S.-aligned governance and founder control.

Governance mechanics

Founders retained effective control via super-voting shares; standard equity grants used four-year vesting with a one-year cliff and buy-sell provisions tied to IPO plans.

Disclosures ahead of AppLovin's IPO confirmed founders remained majority-aligned and Foroughi was designated the controlling stockholder through high-vote shares; institutional investors held minority positions post-recapitalization.

Key points on ownership history

Founders, early control and restructuring highlights relevant to who owns AppLovin and AppLovin ownership evolution.

• Founders: Adam Foroughi, John Krystynak, Andrew Karam — co-founders and primary early owners.
• 2016: Proposed $1.4 billion buyout by Orient Hontai Capital stalled on regulatory grounds.
• 2018: KKR purchased a 9.98% minority stake; debt financing used to support growth.
• Post-recap: Foroughi held the largest individual block and was named controlling stockholder via super-voting shares ahead of IPO.

For further detail on AppLovin's business model and revenue drivers that underpinned early investor interest see Revenue Streams & Business Model of AppLovin

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Key events reshaping AppLovin ownership include the aborted 2016–2018 Orient Hontai deal, KKR’s 9.98% 2018 investment and growth capital, the 2021 IPO with a dual‑class structure, ensuing 2022–2023 market volatility, and a strong 2024–2025 operational rebound that concentrated voting control with founders and raised institutional ownership.

Major stakeholders by 2024–2025: founder/CEO Adam Foroughi retained controlling voting power via Class B super‑vote shares; KKR remained a named anchor investor from its 2018 9.98% commitment; large passive institutional holders (Vanguard, BlackRock, Fidelity, T. Rowe Price, Capital Group) owned meaningful Class A stakes; extensive employee equity created a managed overhang via SBC and occasional secondaries.

Ownership evolution highlights

Dual‑class structure and KKR’s anchor investment shaped AppLovin ownership and strategic flexibility across cycles.

• Founders control voting via Class B super‑vote shares, keeping decision power above 50% per 2024 proxy
• 2018 KKR stake provided credibility and growth capital; KKR remained a holder through 2024 filings
• Institutional investors increased Class A exposure after IPO seasoning; exact percentages fluctuate with market flows
• 2024 financials: revenue ~$3.26B, adj. EBITDA > $1.6B, materially improved free cash flow

For a concise corporate timeline and earlier founder details see Brief History of AppLovin; for up‑to‑date shareholder percentages consult SEC 2024 proxy filings and 13F disclosures to verify current AppLovin shareholders and the precise economic stakes behind Class A and Class B shares.

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As of 2024–2025 the AppLovin board is led by co‑founder and CEO Adam Foroughi as Chair, with a mix of KKR representatives and independent directors experienced in gaming, consumer tech and finance, reflecting the company's dual-class ownership and private equity partnership.

The company uses a dual‑class capital structure: publicly traded Class A shares (ticker APP) carry 1 vote per share, while Class B super‑voting shares carry 10 votes each, and the Class B pool has conferred majority voting control to Foroughi and affiliated insiders through the latest proxies.

Board control and voting power

Dual‑class voting has preserved founder control; KKR holds an anchor board seat while independents oversee key committees.

• Who owns AppLovin: founder and insiders retain control via Class B super‑voting shares
• AppLovin ownership: Class B pool provides effective majority voting power despite public float
• AppLovin company owners: Foroughi plus KKR and institutional shareholders dominate economic and governance influence
• For proxy details and governance votes see the company proxy and this article on strategy: Growth Strategy of AppLovin

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Recent performance improvements at AppLovin led to expanded public float and greater passive and institutional ownership through mid-2025, while founders and insiders retained majority voting control under the dual-class structure.

AXON-driven ad platform gains lifted revenue and margins, improving TSR and tempering activist pressure while increasing appeal to long‑only funds focused on cash generation and governance considerations.

2023–2025 performance re‑rating

AXON platform improvements accelerated revenue and margins, pushing market cap past $60B and increasing passive ownership and institutional weights.

Capital allocation stance

Company prioritized debt reduction and opportunistic buybacks as FCF rose; SBC continued to offset reductions so net shares held broadly stable.

M&A and portfolio focus

Selective adtech and AI tooling acquisitions; first‑party gaming trimmed toward higher‑ROAS titles to boost cash returns and lower capital intensity.

Governance and future control

Dual‑class control persists with Class B majority voting; analysts flagged potential sector moves to sunset dual classes, but no AppLovin sunset or privatization announced as of mid‑2025.

For deeper context on competitors and market positioning, see Competitors Landscape of AppLovin.

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