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Subsequent Events
 12 Months Ended
Dec. 31, 2021
Subsequent Events [Abstract]  
Subsequent Events Subsequent Events
In January 2022, the Company completed its previously announced acquisition from Twitter, Inc. of the MoPub business for approximately $1.0 billion in cash, pursuant to an agreement by and between the Company, Twitter, Inc. and Twitter International Company dated October 6, 2021. The Company plans to integrate MoPub's customer base and product features into its existing platform. The acquisition will be accounted for as a business combination and, accordingly, the total purchase price will be allocated to the intangible assets acquired based on their respective fair values on the acquisition close date. Due to the timing of the close, as of the date of issuance of these consolidated financial statements, acquisition accounting is incomplete as the Company is still in the process of estimating the initial purchase price allocation. As a result, the Company is unable to provide this information as well as the pro forma financial information of the combined entity, which will be reported on its Form 10-Q for the quarter ended March 31, 2022. The Company incurred transaction costs of approximately $1.6 million included within the general and administrative expenses for the year ended December 31, 2021 in connection with the business combination for legal, accounting and other fees.
In February 2022, the Company entered into a definitive agreement to acquire all of the equity interests of Wurl, Inc. ("Wurl"), a connected TV software platform, for approximately $430.0 million, which is expected to be funded with 55% in cash and 45% in the Company's Class A common stock. The transaction will enable the Company to expand into the Connected TV market. Concurrent with entering into the definitive agreement, the Company also adopted a multi-year performance-based incentive plan for certain key employees of Wurl, under which the key employees may earn up to a total of $600.0 million in additional shares of the Company's Class A common stock through 2025, contingent upon the achievement of certain revenue and other performance targets by the acquired business and the continued employment of such key employees. Such plan will become effective at the closing of the transaction. The transaction is subject to customary closing conditions and expected to close in the first half of 2022.
In February 2022, the Company's Board authorized the repurchase of up to $750.0 million of the Company’s Class A common stock. Repurchases may be made from time to time through open market purchases or through privately negotiated transactions, subject to market conditions, applicable legal requirements and other relevant factors. Open market repurchases may be structured to occur in accordance with the requirements of Rule 10b-18. The Company may also, from time to time, enter into Rule 10b-5 trading plans to facilitate repurchases of its shares. The repurchase program does not obligate the Company to acquire any particular amount of its Class A common stock, has no expiration date and may be modified, suspended or terminated at any time at the Company's discretion. As of March 11, 2022, the Company repurchased 893,556 shares of our Class A common stock for an aggregate amount of $43.7 million.
In March 2022, the Company committed to invest up to RMB 300.0 million (approximately $47.5 million) as a limited partner in a China-based private equity fund (“the Fund”) that will invest primarily in the equity of non-public media, telecom and technology companies operating mainly in China. Pursuant to the limited partnership agreement, the Fund has an initial term of seven years, which may be extended for two additional years with the applicable approval. This investment is subject to certain restrictions regarding transfers and withdrawals. Distributions from the Fund will be received as the underlying investments are liquidated. As of the date of issuance of these consolidated financial statements, the Company had not funded any of the committed capital contribution.