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Investing.com -- Shares of Magnite Inc (NASDAQ:MGNI) climbed 4.3% following reports from Business Insider of a new partnership with Elon Musk’s social media platform X, which is expected to enhance the company’s supply-side platform offerings. Magnite, known for its technology that aids web publishers, app developers, and streaming TV providers in managing and selling advertising, has confirmed the collaborationr with X to Business Insider.
The partnership is significant for Magnite, which holds a substantial portion of the US market share among supply-side platforms (SSPs), as per Pixalate’s analytics. The deal with X is poised to provide advertisers with more control over their media buys, including the choice to include or exclude X’s inventory from their selections.
While the specifics of the partnership with X were not disclosed, the positive market response indicates investor confidence in Magnite’s strategic business moves. The company’s spokesperson has affirmed the collaboration, underscoring the potential benefits for advertisers who leverage Magnite’s platform.
Today’s stock movement reflects the market’s optimistic view of Magnite’s growth trajectory and its ability to secure valuable partnerships within the competitive digital advertising landscape. The company’s stock performance today suggests that investors are bullish on the prospects of the new partnership contributing to Magnite’s continued expansion and success.
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