All-In with Chamath, Jason, Sacks & Friedberg · 2026-09-20 · 24 min · 4,778 words

Adam Foroughi, Applovin CEO: Surviving a 92% Drawdown, Ads as ML 1.0 & the $50B Game Ad Market

Listen to the original audio · Transcribed with NVIDIA Parakeet · Timestamps stay in sync with the live audio

Adam is probably the best founder no one's ever heard of. There's an ad platform hiding inside hundred thousand mobile games and is quietly outperforming Facebook ads for e-commerce brands. Of all those thousand plus IPOs, the number one most valuable is Applevin. AppLeaven CEO, Adam Kerugi. The founder mentality's gotta be chase winning.

print something like six billion dollars in cash this year. In a world where things don't make sense, people think you're cheating. Instead of realizing you built one of the cooler technologies the world's ever seen. Please welcome Adam Farrugie. Welcome Adam.

Hey man big man how you doing bro good to see you. Likewise. Adam, thanks for being here. We thought it'd be really great to chat because a lot of people don't talk as much about, you're not in the headlines all the time with your business. You're operating your business almost like absent media.

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