Adam Foroughi is the co-founder and CEO of AppLovin, the AI-powered advertising platform that became one of the most impressive stock stories in recent history.

Foroughi was born in Iran in 1980. His family fled the Iran-Iraq War when he was four, leaving behind everything. They settled in Laguna Niguel, California. He studied economics at UC Berkeley, then became a derivatives trader, drawn to scalable, data-driven models for consistent returns. He carried that appetite into two mobile advertising companies before deciding the opportunity was larger than either of them.

In 2011, he co-founded AppLovin with two friends. The top VCs all passed. Rather than chase outside money, he bootstrapped, built a bad dating app, a worse fashion app, and eventually found the insight that would define everything: the recommendation algorithm, not the app, was the product. He stripped the consumer layer away, launched an advertising platform in March 2012, and by November it was earning a million dollars a month.

The company went public in April 2021 at roughly $28 billion. Then Apple changed its privacy rules and the stock fell 92% — from $115 a share to $9. Foroughi responded by doing something almost no one thought was sane: he borrowed money to buy back his own stock at the bottom, deploying around $6 billion in buybacks that would eventually return roughly $60 billion in value. Then he bet the company on a new AI model. The launch of AXON 2.0 in 2023 sparked one of the great corporate comebacks in recent memory. The stock rose 735% in 2024 alone, outpacing Nvidia. By mid-2025, he sold off the gaming studios entirely and AppLovin became a pure-play software platform.