Is The Trade Desk Running Out of Room to Turn Around?

The Trade Desk cut about 585 jobs on Sept. 4, roughly 15% of its global headcount, as the programmatic advertising company faces questions about its future. Separately, Meta launched Muse, a personal AI agent built on models developed under chief AI officer Alexandr Wang, offering a free tier plus paid plans at $20 and $100 per month, with CEO Mark Zuckerberg calling it a step toward "personal intelligence." Anthropic researcher Jacob Coxon resigned Tuesday, saying the people building AI believe it has the potential to kill humans by the end of the decade.

A version of this story was originally published in AI, Tech & Money, a free weekly newsletter packed with news and exclusive analysis on all things tech, platforms, and deals in advertising and media. Sign up for it here https://preferences.adweek.com/newsletter-signup/? ga=2.858162.2052102102.1782475620-1409695477.1638053986 . Welcome back to AI, Tech & Money. This is Trishla Ostwal, ADWEEK’s AI reporter, filling in for Kendra Barnett while she’s off in Istanbul. I’m in New York, where summer is finally losing its grip on the city. I am also catching up with sources on a story that’s hard to avoid right now: The Trade Desk’s layoffs and what they mean for the company’s future—more on that in a minute. In other news, Anthropic’s insiders warn AI could kill humans. Researcher Jacob Coxon resigned Tuesday, saying the people building AI believe it has the potential to kill us all by the end of the decade. You can read more of his cheery comments on X https://links.adweek.com/s/c/GY5AhjNGpoYoyD06dE2NeZIGeAXz8w4 jWDzWipiN6mTkGb7zPmXnP6fF8nBkBfAiHI9RjoQev Z3wJLxGNDlPpWCwPg4uq5ICbjSEV2ZL8pvXLXhsH-vuDpT qeghMVoQnQ1gg7FyZd2R6lOGry99D-9Y3X7y6l81muG9LTuiYJjb3yVF8kfSmCItWXG9Udg36msG9tdi3pOvVHHfTDz1CnjiE4rLnE6uI4OqEcA3ROFBOVw94gKvC0VcgMGKyzH636cimiEspYk1GPlSxxqNryGxybY4Jd3SBsSAAShh2LfR1inTM5WJl8HepXeb1uuxazqADI6BU5OqTPqnqwC-6 PSUcKXRx8rzfYFv9VqCrjsHCVjgPGv0mw9Dn642ttDofZmDuIQ9bqV-gF2lYzVSp1NS28sP7WvzH16IZW-Js9iCWiF127jzC3083DGEECBCq2RWlhUDQQz8w9cyDf0S0X-lcRcxuy9uV-Sesb01CWsZ96vCeqyKcv9NUbDgWlvdiNhOr-YzHF9sI-5dHRck0eaWCVBtGQJDRYRCfuVeviPrZeuzPJECdntxyDYqWUTp6WnUS5Z5wANuqfwdSORQYbZJGXalpHDwUbQOmQDuhIh988FlwKEQS56fyJg/pvyjGkXPOyEiHTVBYWFAviADIqf-VNM /24 . Onto another tech company plowing ahead with AI developments: Meta took an early step toward what CEO Mark Zuckerberg calls “personal intelligence” with the launch of Muse, a personal AI agent built on the latest generation of models developed under chief AI officer Alexandr Wang. Zuckerberg, in his recent 6,500-word manifesto https://links.adweek.com/s/c/GOya RNij1AD-IOlP3JURSeRplesLQaX7TJItLhiidKBxk5rXvJFIRWjgBY1-ne9h975D2DkyRa9btDl5bk6QjBaoGL IiFj3FgGcPb5qDqtuKOrG2fY812EExccu5 kAepe9fPJRtZpbnzDOx9555M4YRuamjXpuD4PR0n0mlg f9e9WJ95uUxvu xpHAQOhEZ-iMYtChqpwyFROvipP7lWp9DDYpf6EwL2GRw3unN0vdPuw3Aus2EZlum7m65rB7lwkCDmuO2 JhJDt6biA hQV7xhjnHRnlaKhhsTAPuQ5LHo9Z2zxI78bQO2DXTCMsNDwJx0iEJCGglRj32D7zhLtjSHLqjWHunwBU0KRm4lZGk2 of76o8lZvgQTjQ6atGWqqKBdiA8ni9SdvWJkNliY0PSWZ5UjjPfURtdimEhDEUZxN 3 80jijB9 rBMg--Y3RmtG5 QermYRVWgyYCn-Q7dfxiOmSt19zUYqPsbvTIBwhALO-eCCEYAzib4LfRab8-h3fR-g9p V2Tz70u8n 9pjkwf1kI3h1ArAjth7qcprCfjlaC9qJHpggSPjSu wWMt7wee1qs84Mb7YrQiYItMJmB2eKY/BiVUFJ1UioOw0lMQ2CUIo8FLt4Qkhv3V/24 , touted this as the company’s key next step. Among other things, people can name their agent, build an avatar, and customize how it communicates. Meta is offering a free tier as well as two paid plans: $20 per month and $100 per month. Muse carries no ads for now. Wang said Meta is exploring commerce opportunities that could open up new revenue streams. Speaking of advertising, one of the industry’s most influential programmatic players just gave everyone a reason to talk about its future. The Trade Desk cut about 585 jobs on Sept. 4—roughly 15% of its global headcount https://links.adweek.com/s/c/aNJn5qp3SL9otcoX9vlMKs7Wah4g9wNzpNaYG KgGHHjA4SW1vDciE4s0zhR8uCyX5q seH0aEpE-hsuHHZr7bHL5d3bSfj1cTD4LiUKMWtDnfubjRTGqMsJ taW8ms0NUYUYhAVw8tdsnkArntMlfMIsJmtxitHZtGOJsj7dT692ZcGIzla6BKs-Y0QRs3lEbTMEVkynzJNsHVvbcz7gsyzBZsvbuV6RMeRVV8O0yjslmkDbrvhpVuH41ezDyJUA1vzl KwzO5KHhAz7gz3hK6YyYubBk5F28KyFTdRgJBsfJHV35XCBqgxpz pyxhErwK5HchHb6tDOE-F2P5590BRGYFUGxk7F5BukbmahapGAKG2GH59M5QUxrh0jzpZf9j6RZ3BWcCjj7wbY4iAPw8akVKwPCBIUKJnhb0oAEvpZSNRai6aF54EQt9LUC8AFwiqrbsoVMIB1lMwWzQf4M0c4gL8cgYoR1kELsnk4sY97I1PLCT68Lwg8ZE2voybfIvE79zzfuWng3PbWttW ZtobArv8pgMxaGT6J6nvHTqnVdQok e5-i3e227R6 f5rX AKIfgF7EVtxp-JfqNl S2pRdVaya8 JAD5WBxy4YTpv96aFQ6rIey2XubQ9jv1WTUiSCfY9WKyYyi5wjjiSx2HE1KwDvmZ -bEZJMh2C8AcyZGlCz2iT5BEabhnuR0xz5KbMPUgHQT80xY5c3CwHLNMWsYPy7MaN4 Z-QHNLGWD6QkO9huvTy2vEF6BtVqm1ePe51eLc3nqptfL5MGfGtuZO1M O14bj45SafZXytlK5lgBz0 OnalvhPZrtxAR0bJGARPZyht-WG3tHvTvNpvB5PHNxGtxjijCSffYE5vqBIV8oVaUMizRp8vw-tt7AGunBGQCQ0MngkgJvQX5IrC5LjsWllDuDjEWDJ2w3aQ/rjgdL4hYh9WiPk2HbnX7Fm G2MaVjpC5/24 . CEO Jeff Green told staff the move was a reorganization, not a response to financial trouble, and he still described the business as healthy, pointing to the company’s $1.5 billion in cash and zero debt. The same day, S&P 500 booted https://links.adweek.com/s/c/H7grPrPel6S20W2nG3yN2UzwpCbgeLPVQZm59Do4GfrfdOaUUUqPfs4qTeVnMWjO00fKjtl2x y7AcBVYCJzBKvd2l3la5HXykRwmKF1CJibapT-YJ7J0LIqRTXFKplQxTNu1HCAs2pJEQzD09T6YLcBBWiplD5HC9C01cBJVmvgJYwGwAitsDVZtXpV dTrvKIuspJgVWUgzFfG9eTRaEe-Y9DKY1i7nn9UQZVmV7TmCHMe2oZ12AkXALuTPVeEXJX imDODvT1g XN0pu4rmeNlYsfgpyPlwp4Jfp2qO68Ka8D4ETuRbH8kSUPbFbJ83KI482b1dZ5RpVjVpin4tc8QYnOV18qjI-BnfbqvOmnxa8q142bMjG-sdXiAT YPw3jEZweb2OSBo zawMsuUZAL7xVDHQs0tyD 2l56HMGYVK8B GRjrg5ONa41ig2yunkf-6d0BpuRzavCKpWZxPXyJMw05zcbxg2FP8pq2 NbHzOjnoZyVl6FeyKOeqn6ViOVGBb-xeXMl5EuhbZ0hvgLXHw7AE1nkf4Fowx66urNc34A0hc8 dmSW5Jl7La1Y V rSKM2-LBPqU97KFcuPftdHApl5udm200OhiyiPehddk7xNVWZPJsK2p70EPlga3RnHWipM MFLVY3GXvPyimUfbVC3Lvth3LY-yyPE0DkbLMJP1G26Up3ZQVp0HSwWNvMo3Jf3sot4zBitdXI4bZwF6bc8H9mPzTGPkN8RExJHAXJ2D28PLuDmwGD56EWbJhWUfYVn1je9MXYjISbFeZOIyk8p0sNz3zWvamLhzthss/JJ 9Bn8W0uw bTDOgU2M1sRCSU4zWrXE/24 The Trade Desk out, effective Sept. 21, ending a run of just 14 months on the index. I’ll get into that in my feature below. Finally, a quick reminder that entries are now open for ADWEEK Tech Challengers to Watch, a new award dedicated to spotlighting up-and-coming tech companies making waves in adland. Learn more and enter here https://links.adweek.com/s/c/1LWt6v AwmuX-Uc7DZKuPHDJpncD8T2XK4VWxe0FWGcjBFldovXGk62bJUZ0BsCTXiaUNirV4TSSET45P61Javpv0H 0SttCZCVGZ0NLYcYqfMTQjBCkpQSBA3A6u8s1V3HJi 1gW0PaOXf lAIlUlb6zaxt cRVUD DIg1u7jVPUoBmHylNkaGbhJvv5VmMouln2FEMXzhN htzLvOfRyYvVWHkUv7yV4HOjK pLQ7EE7kmvaWaxSRXbEWGfLK2Xe3HHvtzI47XE1EmpBA6veP9Y1PB1l804k289Mfv3zjSwabNnPOg7URRd7L1hia-clwMeLTNtfKv1edWkXgG5yPliwvo1nfSYfddBzun8QcPorKL9kEsT0Cm7WcR76jyM2CL21PFCdQk-vr07gYIQeiuqJB8kSe3PmHOPaaQRX8C3yF4imrFR9bVMaDBJD5GnClYx5qxdBgkmJs sbH-bT xziq3BMD1XGvPdRStmibHiEPW2QDbNR2EcgS 0atixZs lLlaxkHfk3zbGCjPZRt3sH0nrYbAuRUe 0TRulYJlk1sjHbJB7dsyxLXZM1Hn3R8uFj9q20Xn62Qhhq9xNhvXxDtDFPxalJ3BzCQUyeKr1E1QL-GALP8-jvSLLISY3CbKSnwaoskKN8aqzKD3am2bcuuCF5Ns4Al4nzEoxkJ0YIdz4w4lu2Uj9Q3FAUBTdYJCsgzIgM3ok1LHScvVwB8vv-siMFUglLEV3x3dt0NbmDWocLG-kSd/h7jYUTlWqk8mE59KcqRULj1ok2sz-Lhp/24 . The Top Line - Omnicom Advertising president and CEO Troy Ruhanen retires after 20 years https://links.adweek.com/s/c/7BBmy4QXJk2h6Fn9VhE83PZ5jLBDKxwFyiOB0bgQaFZCHSU5E68gmTCC5yBr4jLSSr5UInUCRRXvvVZiP1o5eeFk0JPnW6iBQ7uWWLx9pskszXtg2gQ 0K0UyMqcDlqX9O293YlgjPYfZrtEM8DOXsgi3GRSeXXNZQmhn4sSvhLw127OLPEy9yQ6v2gvFCdKetztVXxU h4 vRs6OAIdfpkU42qUzugENY3ND 4-4PzP6C2KWnMPXfZqsY5VYFBPcuiSdBbFnpQYE5dDDRnU51kGvsBnMh2vAEo3lUwJaJ2FAoKe63Dhb8Qyr PiwlUPTt5dJR5OWfswobcmhxIe3ArPecuQHC-uZqEHGfl422We9v5CN-yhzF7mg0HuGnuRRmzBWWsy2A2YJjHc9mESWRubPuwbnuGxSjdK2cVC3epOM ZIjuCTf69sbMa1sh2S45ul8Fx4gpWuMB9pRprq7UZJQtnTaMcRqYzABVSqfVgFhZWYhK4HXMUFZq scq6Wnq7fABtDtlWjMdTKC-IHbtLlP8byomUrPa526IRTTw1yHXUSZhhjUrOJKWFv2q45 nbLwItU0A TNQYUULcbYqZZPV4d83sLueeq1b2sy4GNRj1cUPOEGOSVIQMb0nGDSpTWkIsSRnfYxBQpkRy4PDbD2sRSQaivYNdl7pgW0LQls8lBRsWB4HfsGDW3seo4hnsfk12y-gCmXtBFXGUdxPRRQlOn8tMR7cB31nC3VZlWOpsMj7Y2X8x5EPtrvT19dFDuej8W7cN32xL6Q-Pe-i99A91k0wGFhT5EUlV3AY-WA 6tM T9CaxJWfpz3LqIIp4xYv0lLgKK996gLh3DQ1gRRK3p7c5MYrtw 7YAJoWiy4m49yTJcKg8XSEoMojqutAoiVaPn4JOACPCY9Up5aenv8HMOJbptoaN5hXgWQ/HdyKwJQa71ZkInds-YS-c8eR lTyS-H4/24 ; Andrew Robertson succeeds as CEO. - Publishers are spending hundreds of millions of dollars https://links.adweek.com/s/c/judHAJvEH4k8OfrMCISRt-0jcqY5yALGapTL-DyupK YGZZeCyTt8Rxdsb9D7-Jy48p5e0F6BnpyQE1uH7KlaoLELRcBMcQrHPPsjXS11jLia0sMMszANHkLvfJxk9q-Q0ajfrB4Kl2n4350jdPZS1F5XybQVeC1xkGgyCh1H sDd3KWE1lNCF2tjb4ab8y2MzRUNdju-Y4kyuSBhWM5xLYrSzZeLrL69SPd7eG-q9s0NQkTgk9Gt7YHaOt7JmDQutrwJFdgLFirepaI91T1AJgXLNB16gWYsZSoHNgl4bzQBOElZgToiM6QCSL5RwQVfN5GfyaGui ZGaAXZJY4m4-Cl1hKmANfo4lze3TE-buagju7k yjaKva6CjfeTzKQ4sZpUwAIf74OO3Qt8z7a6JXvLI 1eiEgu-CXsYxlthKquUh1Wyw777a1KYh0z-FKeYldq1vG9Shb63umkIbvDC8ePYuDeABHMFa6-4qmanxIKDvdgec5T8kqcqJDtADJsyfmSBDekHmoh9S213BhR38t6OrOJKiofuNiH8SV-CMgb037iEY8DirPnKFGH95GZ-rTWHsLEt7FNSHywiYtaUHmuMb9-uSKmnel Pz6Xs2IQMFhc4IkkcNWlHCCTjKBiTLvOiepBrluwBNatVU/R8OnS6l4tQTTF4am6pXfndzZdFjVC1g2/24 every month to buy the search traffic they used to get for free. - Advertisers want brand safety, prompt-matching, and incrementality tracking https://links.adweek.com/s/c/cufd8Fj9LuDthlxNwcAwXUSwhK6LZRLn3jmMjLFLMzV-aBbx1jjCFeyc2iLfvRxVdZb8fI4XCIyTOGY9GccFJpQ7sc6vKprHi6YAdul8vyIZkbaMOsqarfJz SYXvdZPstMDMf1DtFwZDQ4vA5bTj6XHyUtuX-UqAj96FvHjqhfMufKuiYBda1IAClW0Ig3HZPX7Ycs3vsxH9K9r4-HArb u2ae9t3ja5kVQ3sLk5uT1USktp1lcNB3bXK06 guOf0C 8sdmItfR7YGKD0cVpNQSiHZT3EJ 60BuinG7UPRx6nQOvV wNBNZ-wpQ0Q1TQx01jEl6XJnbGARefxNLCzNX07JG6RC1wQMP UthOgp00coFAjL56gBJhpJKF1HfNMoKJ2P8MiL-TiZDnoTpSWV7E3rZH6I5GXNLii BEl5ZSYt4IAngxMKj1AGyN80wbkziZcVkuWFHM0ZFoHNjuuov0GrqZ3d8u21V7p myhIa4eWrfb7UduVdug6nx2Z1AGxKe00hc6Z36EvyxBYYdUSkhFIg9cqjVm7uBEpcXS6coxx0R--Rc3fpDmVmhGKMe9QQ1J0b8qNm19DIQYik5J0EU0Cteh0TZP77UIEhJfbs0llaFUZ1W8Y84PngQs5wKswq6XpgUJESNYl9pgdFXwWE34SyGbsXA9cHVLhJLTftRo2BO5XYEqAkulDEOEk2TM16gfIfNTPerj7DYJMlXA20aNuqb199YVoKQWBmjkSUem2 aTD9IxoVr89eun0R1EB0wMfz3qGvjFMGfblyU4s1-I839HHtfPi5N7CoaA/lKFmIzTqyTVZypC114RENhmpOnBOtjBz/24 from ChatGPT ads. The Quant Shopping—an admittedly broad category that includes retailers and manufacturers across apparel, electronics, home goods, toys, and sporting goods, as well as department stores, convenience stores, and grocery stores—dominated ChatGPT ad spend in April at 37%, but steadily lost share, falling to 21% by August, according to the data firm. Meanwhile, financial services saw the most growth, rising from 2% to 13%, while travel & tourism rose from 5% to 11%. Deep Learning: Is The Trade Desk Running Out of Room to Turn Around? The Trade Desk’s cuts went deep in certain corners of the demand-side platform. According to three sources familiar with the layoffs, the company’s entire Learning and Development team was eliminated, along with most of its editorial staff. The DSP’s editorial staff sat within its blog, The Current, its content marketing unit, The Resource Desk, and its training platform, Edge Academy. These operations remain, but with fewer people than a week ago, according to a source with direct knowledge of the changes. It’s unclear how many teams were impacted beyond L&D and editorial, but Green in an internal memo published https://links.adweek.com/s/c/uKJbEQvITIEJejmpKEarbzn4W799DzpoB6vfgywqgvr3Q2AxO 4-ddo-JyqZdBCmibhQfpM1j43AOwmH 4ekFKhfRHRL32NaPQNbG6sJS29Utp9BM0RMml8qgzCDZZVjwtBwoWIWrhDd5hyBdSFYs0QvSelbfFdP7nSFhDzUPIB9jh7IkRwIJI8gBnym0X5ZIcEvHITrtTmDrthnB0yNEcI7GrLMw8Z9m8EKHWLE-Ut-BNLbHyab-B8NCa36P3pqvhsVw6mKUL9heNlbsOYA4mwKI-tiUTP6GcMb9KUSr5TTxO-h2KHRwm4FpJXZr3KsJDvy VL0Mh t5jQXKSdvn qxGI4GQVGIlri9IEO2f0lQ6NxO1G83V4GFbZka5TslJfDIP0O-Tv8G-pb VmyUwfSxUIYzHTG3hI2GKciM55AtvB6h8ovVuoL6jb4i3pMhO-Y-s3-Ccv2ecMBOfmQ-D6E2qCqVrCVD0qFpbRNCp4Ie-jufD1zhO0JCCaK8QjAuLtZ5uKFOh9F lm29p-b-J0e9ESv ozhw-gAQ7MkyYZTEOKbrZSV4qg1S6LAZlv32R2Z5FCkA7w3KagMNPATL35WHxtTHeJ25g96TN7STIanUuMyEMMUhh6qAs2J2Yajxaqr4 mvyX5Gf CC24yKMwMGUGLp6tQG4r64-Vg5LkmASqCUVmtMNTWu7uEZAUZwuSw/npW rUYpJNPcumWKnKcjNgPT45AqVW1c/24 in The Current framed the cuts as a part of a shift toward “smaller pods and smaller scrums, but with greater focus.” In the days since, affected employees have posted about their departures on LinkedIn, including those who had roles in communications https://links.adweek.com/s/c/wJzwrBmWPLDC--2CHd8GrWliMvK7n7XFvPk 3wYWokn5rysPktclhpKOylGj nv32R4ASckfbMU U2Td-SbbMNKaQqP96fS3Pfgfi4Vunv8LYFdw5-IrHYLcsNBz pVtWAUqxAxhRer oDCcQna4UbsikEjeilcq5r0COCJPi0-wDOHIkQ5IK8RLOt-GGOkJHMNEBU56eA0dHLwmb Nf4z8QXEW0lGRY9k4EiJZ16OA7e4GRUa9doBt-zXZbRH3dmWgelHqU58OqLnQTu8UYczNH20sLxMkScIr3zdwb5G5dI7LAsx NSnVNGCwnyWeBFQH7OgZ1N72aSWJP7kOsGH0HlyLfP4pg5Vu2NwaRa7RRYrlZqg1--5ZoR9hRBOVn5Rs8PyN677bPf1TP-iMX-zfLIKAm3nNSwWcjTc0WNP5CHwuNm7Rk9npIw063dIaAGwd1ZZHXYNtGwoToJh78DutUsUq6p9TadNtUquMvIu7AyAxC9-TdlR4VjV y9jhYzvlHe6B9goTcL9 AlFlH62gT9eTp-u0Cu1-rfRQ7mK3J1mBJrQ/sToe0woRMN3H496YfKbuxxxOK-k c9rP/24 , audience partnerships https://links.adweek.com/s/c/iM0zq E3Cnu L2ko91p 0t9ggOEiwcVRglbSETz2pnZToQNQfxMGHwQiho40YkMnw9uaN2P1ccni7CExSUfh8p0m4OF-Y5agFLc0AA7xrh7BBCbA8IRlnqJ4qltTP38Hc 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https://links.adweek.com/s/c/47fWB A0ezKknmzYrvHiLq6znRc8rDbpXrQTYADAjP3F-qiZwrAHpxBx6lm7ezTsrVE-l 3lPErtmYAjOknptYu0Mw66bjA40c9ymfiqK2Pn1-nn8U5M-7WDLvv-TznQ8Ij1okAasoMhAoLMsqOqu5z4Od64KvefxIMauHD5i3ujvHCxWfBL9YcOImnSFw44HjsKzI3xo8tJvf-HOIXX5lZhlqo3xOFUg fspORQ9ON8utS2lLL vq4W0tUoT kuQILVZ0sytAxJC7p7NZ6XHSDzv4vcXh5oBnuzskRZR8wLcBBTznghXfFtwAtUCKSx1mKxzqWt4bjIov7pVCNkhYJy8c86wv-jHexaxrpbD5VfI7jj0wD0PPRg-TaT-XBSIRA24KvCkfOr68nOGAtP-ee1RxdaQ10DJ5qLo6SXw4TnkTBbFK7 otMxVVJWGTAAplUu3L52jKIF1VfAZiondG5aN64MwLJRm4pn-TkokiWnbCeX5xj2k5rKYFvAJX2-2au8byYTjaAfdjTMogTZNkJ3oQkSWfp8c3EMqMJ ljFuqq0EUw/kt4SOVCqF0fQMc2wUPZ1WCNReOKxsIuK/24 , creative https://links.adweek.com/s/c/uActU7CaRHy7x-rO2k6tsaNMZOfKsbD91SlpWhj-Um5naorjIe0x9Dwt1avJOFW45fjfumhgFFfADaFkMpjEVN5bqpfjjfzTEhkX9VU5EHMIBzDv4XEHAhuvVZjtqzqBlQ0uo5ck6XpWKs8R0GAIada0q65qydfyy6wbKkTWGZtJrx9luiTmhzwF65Fd2xBVfIM 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The Trade Desk declined to comment on specific teams impacted. The 15% layoff figure makes the no-distress framing a hard sell. The Trade Desk’s market cap has fallen by over 80% since its peak in 2024, from $69 billion to under $7 billion https://links.adweek.com/s/c/q-3guQyWq-klYFrBAck3S4zu4TpTNCzcmCzq9JeLowZ nzh8ItO044LLk50n-S77gbAHlVzC7H5DKB7nWvGAKr452rqpAKzRoblQxeirHTYQwdW YhA3oBnkb9fID2KF05Vr03S8rPNtURfJkaMgumQWkcNXBowRZOdNtOBT-bcMgYjXh1GX5yXitZBkDBpfjkJOO28XlAS18IjPntWLLRTxwgWkuBR7KmIn2SKh49KEEgoaQOd9FI1cBLB1b7k8VcxjDIq5zHXl1 InDiCtiJ1Ynwy5lqVxQqWh-NOsGq7ZIzBPESdOSz3ELNuUQ Bjd2D4i-ufk9ySx8B1ffWLz o0ftcFLoBu2tZ1dKvuqerT0jvD7CLgKTNhCwb5toJXub2oPrcKNOSZERC71174vD GVucR8 -SZbiDZlXE2SyvUuIAayDICfeeqQ0yHhMHv2PLETbCxHG rMmMil41bqDAjhLcv054p7j0THrKyXFLmu5dNB-ITZsPiTuzh8KRXQEpHkfN3lfj3f EVrt1o oTwql9vIDjL8929eVyd4KvALzgPvlwJR7kANkoymPlUCoo je1X7Zf0cpAmBkilP5n5mPY38f2IzjTxczfSLM4V5cn PSlk4gJ1uvsm9hPN7Yg7KCe266WIoAC1cEj2Z7eFsMW9KZSxIhPOhgbcJ2OK5e8FvVuBd2cgRlPbK2Da2szL2ATsE9veC9kvr4zjrFtqtWC7Q7C9pDWe1BmV3FiT0gVso2Uzq4ztQrY/nx92eo2jinM9RKlAg6yDuIAegMjkwrLd/24 . Meanwhile, Magnite, once a distant also-ran in the DSP space, is closing that gap, sitting near $4 billion. The drop comes even as The Trade Desk has put in efforts over the last 12 months to respond to advertisers’ wants, with a redesigned Kokai and a slate of new agentic tools. Brian O’Kelley, the AppNexus founder and longtime adtech aficionado, argues The Trade Desk was never built to be like the tech companies that are now its most threatening rivals. Google and Amazon https://links.adweek.com/s/c/wfMcC8i4R2V1OVXP3MhObaQbhgM0xZzhL-KLLDT6q41bONHJg90vVL0 pmPCuSsalaDRMRPEfL231RpZeLLAQdz JrVI5D5a9k-l0mUpAYKvzlTGdypY7ScBYLH3RuuHuju8AsENNq97-7uRt71CDkOCffvd03rmK7M0RszTFDqDa16PyG73MQQ9cu7MLkh8X9IoxUcA3U 5sILwnEpp1yswWKBIbQ7tJQCYW4168E-A3oHubFlcJgCz7goSpyAOYk-rlBrbJO5RjQHgfDJRUFfaGHDXtbhbxTGcpLILvBvDancBnmWy0uQEJNJK9dxqxgXWKYEZ3OFMQz6fT ORzNYSBp JVZ43WhlVTIDY50-qdC Ve1Gccza-7GKzzFKC9vJSwqWzK6 vaXMITvfHlohNVwOzyCq mkY4A7ZfsduMBCPLY11wH qMZQYqueXlSSODonMwsjFw4h7rnwKjjDHyRbwaTeqV64CLnm4pm8lQ5TljYhYNxe9C931NWx0iiscf3dd1kZ RDxNJV5hjGBO7OhzAZNhET0f7zl2QhAG1qtnlJoSCT3nXTy4IVoicHpSmZ9mTc6oxsU42AqfwLleK9lv2MfdL0lRZRuA7I6Zp2XQD1bkkuobwZ1oOhS3Q7Eb8LGtxTrGdEsTwaq0tz0XLNqLChgJBwFUmi6Wjgg hf8l8r-WNimfts yB8e3sAs3UvpWxAzlcPsHz9G l d9KuR 5fdeSnJGT27r56KZfl XZ1uCTJaFOqA/2TH0BBm3ca6zYb- N3ns3QScuQ1bJWj /24 , he tells me, are ad networks and publishers—they own the inventory they sell, which lets them capture an outsized share. The Trade Desk’s pitch was that it was objective and independent of owning the inventory, but that meant it missed out on that additional margin. O’Kelley is skeptical of The Trade Desk’s open-web bet specifically. Programmatic, as an ecosystem, was built for the open web—and the future of the open web is very much in flux. The Trade Desk has been vocal about shifting some of that effort to CTV, but O’Kelley said that streaming isn’t the escape hatch either. “CTV is not open and is a bad bet. It’s consolidating, and streaming surfaces are buying each other and closing up,” he said. That leaves The Trade Desk without much to hold onto. The company is downstream of the agencies, O’Kelley said: If agencies decide they like Magnite’s terms better, the money moves. “There isn’t a lot of moat there,” he said. “Jeff Green either has to make a big bet to stay independent, or get acquired.” In a statement to ADWEEK, a spokesperson for The Trade Desk said the company “remains focused on helping advertisers achieve better outcomes through an independent, objective platform that gives clients greater choice, control and flexibility. Our priority has always been, and will always be, delivering value for clients and building for the long term.” What People Are Saying Research firm Madison and Wall said The Trade Desk’s bet on transparency as a differentiator misreads how marketers actually choose where to spend. “TTD has repeatedly focused on transparency, and believes that the open web will win out just because marketers know independence and trust and fairness are the correct way of doing business,” said Luke Stillman, managing director, Madison & Wall. “ Marketers have shown us repeatedly that they care about performance first, and price and convenience second. Transparency and control over where money is spent don’t factor into it.” Stillman expects the open web to keep losing ground to the rest of the digital ad economy, driving further consolidation in adtech. “Pressure to reduce fees, pressure to scale up data signals, and pressure to invest in new AI-powered products will all mean that smaller platforms or point solutions struggle to thrive in the years to come,” Stillman said. That doesn’t mean independent DSPs are dying off. According to Sam Khoury, co-founder of Marketecture Media, players like StackAdapt—a newer, AI-native entrant—and Basis Technology, which is rooted in automation, are performing well. “There are advantages to being independent. It’s less conflict, a lot of cross-publisher reach, and usually innovation can be done by partnering or acquiring,” he said. But despite being independent, TTD’s raison d’être hasn’t kept pace with the market movement. “The Trade Desk went to market with ‘we are the fighters of the open internet,’ and they lost that narrative,” Khoury said. “The right step would be to provide all of the services that are required for an agency and brand, and start building for your clients again. I think they were building for themselves. They need to reflect on their customers and build for their customers.” Deals, Deals, Deals - Salesforce is in talks to buy Listen Labs https://links.adweek.com/s/c/edD4n295chLLN2tdKx-eTEkT6h2oC6FDE-aT8UrpXqfR sbaAQ7ON4bBhQk1x7T8N3rBXF0aIjZ3zoxwtAG2mihfFh wc5TX25IkEg718Ao2l4-7j8t7Ir69RULS2ALIStld-ySUXDVpqvIXdTJeCQViJgc pL4vAP1wptwMWeUOf89FngeZ-FuJfJMHvKU3ML3B2eSeHzu1bGa-5AHJKr8KSG0ok16aKdijT7WAyZy-oLMsyi7c3VCLxQCWh9mq3DHw5iZSVw3hRFdtEpa5RgxoHuTKgQRs8bCxm7eWiQjMwmlnHAjjTA-agUzVLzlHUm7AM5bwxdzFVTSp6VgqckiGy-TNS-D30MJYokOCI1AOo kqxFpC7fxG4tfLRUlXI0Wmz6h4gsIQELE4O8NKCj M2c1uFx9ngJ39JUdPlFX3OA4NGKv5oErB7sjDNZ5u0k1yKq6CSswNmyoGrnXncnwYAqY dIDdXBLuH2 UqrwWD8JK4aV-MuWjmWRPHVNVqkCQrgW43ec89mGUPK KJRnOeHpyP6ShoxxCeBx1YGulMI-g9YqKbDJalP3b1YCO0LjvzSXGHlVEXWS93HZzWGG7lBroXA4Vjf SaITr e05HUP B9pfm4o-eSsyFORAA 8lMv-xl 8gE98sLwa8jE3d0GAGDeLQH2krQj0uy8-DuNgYr6quoagjA Tgv HKM9pt/CU7HWBL2YMHEsXpvNu84Cisx2WeBbH2S/24 , an AI-powered customer research platform, for around $2 billion. - Meta acquires Swedish AI startup https://links.adweek.com/s/c/McLMnBk GuctTX9UyYEJHXeXE 8tnzflPuE4mKlBh77CCPFD7TIzrLeOVmeKNo 1dtEykeUx6LzgE5Dcx6-8NWuKYLK-sZQx0MietpzqiM5dFMzP7PmH6DOejTKEKPgRef2rdbPZRXsclbvNp-jlqPytovQ1yPC6CSdTrViii5n4S2enYI kn-hQh3bqFztawlB69VQ8anUoft9jAR1F6RnnkcxO9XM2rO-ilvwI2--UXHnYMCT Q5NbevhlNNI5pEbsm0NXO0ScoYq2nS ZcjxM- zmMeMtPSFk7brmMgcHX5F6iS-WmAx-X9XDBBnUCnmtZ4Hyh6WFiU2Eq66ptBDRBYElZclCSwhG5v1HH9Mp9H51u ysNJ4lSQdH6wTSCq5hYZ698qT9bFb3m4SwyHQy3 tchO2An8cT m utapq9uL5N2e gwCMQ6qG7paKS79FD-7sw6ZxbnyiB0y2msjFpakSYnMSW8pdq3qPok6OCGN33U3ocVUt2bROcPFi2 Hn mimmZwjjo46X03kzNkRPsA1kv5Bpq1Mj5pcZi5qo7bWhTLy8A8F6xe7GS219WtqFdFWa0UjZUdDPjynOAFf-nbzAmH4ulW3Gso6 vaZR36-yvP2ebUzPzEYilzBKCdEbbDAXFFcYk5WI4ETVpCqtbHpmQ2BDiKZI-i1FHeGyw5Lbksu/ukNln3D9KO3tc9UPOOppXu0ZXtYWALsY/24 Stilla.ai to accelerate development of Meta Business Agent. - Ramp is in early talks to raise about $1 billion at a $60 billion valuation https://links.adweek.com/s/c/e4K-wZ8Ao3FbbOpjNiIWbK9xNIoM22AJ uNJgOljKcvu-u20221AXlZ6rp5qXEmrVZuEHDiUczrsujCFtHz0M0FAPM6Eo9P ZdvOwE0WVc2Cl9jlckXUhp-b5dfSKY350SHOJzmyI1tBg0v-X29wIAwBFjkbMtSDaQBBnRA0tZkrIY6dT7mEx oEzlEt0Rc1cFxbxU5ik7KaNO4b483SfnUySaVyHNCfb93KaBzd8cfQ-KT7jqb LQxzrysaHAlFxMBYImy YAFdeUVJG0gLiLXp9gnIDkXur4eQ-oSdoDk4IgqIdSakznIQDjrYFq8mqvhH3hQ I0QpjXYv5y9jddkssJV9SnY30RGiRBqi7qFp2pmHmGaPFabRzugtY tT Q9A4-I 1ZglauQrYXfauqDRuGffdE0pJCk8VVIfrR boBalNjGewR1pg1GRiUhntnxriRxGDfdbyH3Q-POeSMaEAQ8hkNvrO2tCb0XsQ5QBLM-pbAkj7Xd29cBIqRp3U9kvhbmHKSziedGUSQTLWZPSFUi11jU5sB4NFs5BGSkYjwrMoaSyWJ3wMx-LhbZBmftkMGoDNZbQbw2AwdWCGBRU6yTLBzh6jfV zlpFUpd gY TLtutYkRwifx0FDX41soCHfdYWx POvpiM30ks4PlEbMgUQTwccqhfedknD7XGJofY1yo RjRqrH-sK4PR41oUs-fvbozIoynEXUoW2PZbDYWWGrVwjGEvk6XvcW3iqJaRlI76OQKnGaP2GWHNMlS/AUlhMHuBH0bUxruL-JhTR1hF37oLFypv/24 . Revolving Door - Snap’s chief business officer is out; Ronan Harris, head of EMEA, becomes chief commercial officer https://links.adweek.com/s/c/WfD99SxFtwfrrLRGmB8QqSUORVcSCWPL41f9uswBheFjPuZqDbODQ9kVWXW tt6ZVoSFVALtzk9EfEcjvj3ggKwJ3vCZOYBnFU2O7dwBN8J4vNziimRDWvAYCGz4dOYLCRBlOzedWqCyx4p4UnbMQ4qypfe7 AAA-p30EtAy3sKKwSZrozCnw9M-f37UQ1c naj0tE8uULf Mr-19vUpERPrc4XU7yjvr fXoE-kU5pJvWhEqljkLNMI0la O1WtV5z6FjqTJpjfhaZtJPyULf1 rxws4G7h-dh1MJ0hhdLcmhILjMVW6IqY 6-FiMUmwM0cyg8wTjqaNbVds9bpplOXLzeWLSKuRWOomKEikewgLPluXIYZE57Oy4WuwMZr54YDe3oEcS9B5c-q-b-BpMkqTms0lGbNdntfDMc8chcUTG4eODGhTR6KUi3L7woojJTAZ3fipo5YGFqD-BGPOPkf2WEU2akQVBPzlOM3K5IBRhuSUaEKlBcbGTgoUb0v5AsVGWfgeUafxkgCvCasHE4WLdy4oTNWKrauOEX6o4vG3rRCzADPSTe2s-FBwrQUu-Um48mHngg5fp4zLbBs6wmGpegVO1kH6HwtRgL7NY2KYm9noISYxamd6np1pvbMgZ xh6jiKDnlPCNREyxJ9fvLOKAfG0SMC6e8QTs6qP1qScC-3fp8yxI/WDQSFNwvci2p9WSjuWzqYDa1grRqG62F/24 reporting to Evan Spiegel. - Gap hires Jamie Drew as its new head of strategic partnerships and growth https://links.adweek.com/s/c/rHZ9wGO4gPwXJS8wZkjlZaPjUIX4Y5zIz9mhBFpJqq9iHXc4aNUjlMMXgSYDzs3kizcGjOn3cbwB40dp7KOvLqXJHkVzopLq0JKCPmepzJjTZuK3OxnZL uFvfzoxel3h42dqtaXmUVlaqaCMXtmrSytJuQ00l7-T5qQZtU40PLHNRvcSe1QXicixOHRRUDarfU7aLeG2TqRJVGWjL-wdrxH4JcvsbiFd3-AH9iqb 3FCMTGgaZtXAGD6VtxyyXiGtHKxotpulse1thxoB7FZXjLhhgUS-k0fEVs012B9BxAfWctWqfEbETS0YgqMF8ogRJn23LGi5vEJY7JxMGmTV5OR1jhGbFoYmmZgEpcmUFWOnwXeXVe BPAW mENmZQT5 WMu0O4tZa9d2iMh7zAcIMB7HB3q0tVkrK1VG0ZIjz-oOkZsjvHOKCF3e1tVcLyF8VIlMl74fAkDQiuRbEjZOKVxRtfe9UNFpNZR2rDDYuowWSpigs9jbFhhT leIwb1WFPdU8HNV8akRWchl3p7Jzfah3o1nJNR7epZXGsqaU-8tugFP1g6MLQqCQ-3OgwwrQW hih-k6 1L5 sO4j14IHGOy2k8o1FNYXHt0Coj0sB0ePj4fCzVbPAm-OWNUvE uO5AziHWemrCKLCPbeM4QPBtb143MN85szkD2sDk4w7hRI43h TX6chsu1aJnsWuE9Cckq2rNeqarWPZ5ozftLB02sDy1WNV4McgMS7SzC9ryAVq7/OJCF0b0jLh8QC6PNRu0RpF77x CbERqM/24 . - Accenture names veteran marketer Emma Chalwin as its new CMO https://links.adweek.com/s/c/3Vnb8PAF8TfOLMuQ45enzHW-aku7ZFSF-oQpuj6Ch-JjEXgS9KxqDDYiz--ngtU5gP5mQ 4og -ehib4apS62igaTHxUSLQ4oSmVH x0CvAa0Smi46dSdPpOM u2nl9r0ycgnS oy7GfRWQh7lA6CmWnp7xA9nue5Erl56HciS4PZEkKRmG ONTg nraIiK9VLD13Mm1 l1T1pFA29EhVh-gFBlzSFGoal8jdAi 6jfA7K0oUYbRACir8v-3QifNEw12EvnTrKvlQ1L4JmstXoX6 LmVUQJSgeGlXJ3tRiEEesxKdxwuRz39ZbyZyllJKGtQj-upG T3wm3w1dhnPQjD1fsRRzr3lcLRiCPJcOrE7U0svbIRmiPsJZBDnRfAjbfUy8u1tNMcZGtNfP nt9EJ0ABKY4lXeFM6QxnqFQZHFnf28IiwflIPDbsoVbQZEbDo699JsAaWmyBvEO4Z3HvJx0W-33SonOi3SrOIc81enOg9SdzlSxJPBTB-fdUZJLUvwz06rET7cXx-YjXVRb9q mwXHh6XYiAiJ2qO7nZdSPVd5AhXddLKEBmIhUjBJvRP8pUdIona-iaDiOgmALninFnOLPgS1FmfgI-adBzd4UzQcDfcMt1NorbfG7cfvbPaZhbIQahv2vk1Icq6mYetviVP6-DnfQu6bvo996c0S2AnrLgs-00o03C62NLFvs8 L4QoTFi8ZyNfijz9e tCbxqG3YoOjSVv4FQDTZGUPZ4hiCo6KWMzQjM695TtA4UXuZVvc0fag-3mnzBEOcLeWN7tthOwMqe2kXw/nQfn4OBaMMiT6dDG94R5 7qPoWkxR6t /24 .