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Muddy Waters Research · activist-deck

AppLovin (APP)

50 pages · 5 arc beats · 0 loops

Activist-Deck Download JSON
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AppLovin (APP)

Muddy Waters Research · 2025-03
arc beats above · slides in the middle · loops below · scroll → 0 LOOPS
SETUP TENSION ANALYSIS EVIDENCE RESOLUTION APPENDIX
HOVER FOR DETAILS · CLICK A SLIDE FOR FULLSCREEN · STEP 2
— No image bound to this slide. Wire up imgproxy to display the rendered slide JPEG.
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Deck intelligence map

5
coverage by narrative range · generated from this deck JSON
Narrative range 22 total
Metadata
Components
Metrics
Tools
Frameworks
Beats
Loops
Hook 2 slides 100% 2/2 slides 100% 2/2 slides · 8 hits
— 0/2 slides
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100% 2/2 slides
— 0/2 slides
Expose Contradiction 8 slides 100% 8/8 slides 100% 8/8 slides · 53 hits
— 0/8 slides
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87.5% 7/8 slides 100% 8/8 slides · 13 hits
— 0/8 slides
Thesis Headline 1 slides 100% 1/1 slides 100% 1/1 slides · 4 hits
— 0/1 slides
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100% 1/1 slides 100% 1/1 slides · 2 hits
— 0/1 slides
Expose Contradiction 10 slides 100% 10/10 slides 100% 10/10 slides · 65 hits
— 0/10 slides
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90% 9/10 slides 100% 10/10 slides · 14 hits
— 0/10 slides
Key Messages 1 slides 100% 1/1 slides 100% 1/1 slides · 5 hits
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100% 1/1 slides
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Slide inventory

50
every slide · same image gating as the playbook
01
Slide 1
The slide serves as the title page for an activist short report.front_matter
Open slide detailBeat · Hook
02
Includes specific disclosure regarding short positions and risk management.other
Open slide detailBeat · Hook
03
The slide uses a 'CEO quote contradiction' framework by contrasting internal analysis with public statements from the CEO.expose_contradiction
Open slide detailBeat · Expose Contradiction
04
Muddy Waters Research activist deck slide questioning the technical legitimacy of AppLovin's (APP) ad targeting capabilities.expose_contradiction
Open slide detailBeat · Expose Contradiction
05
front_matter
Open slide detailBeat · Expose Contradiction
06
This is a classic Muddy Waters 'expose_contradiction' slide, stripping away marketing fluff to show the underlying economic reality.expose_contradiction
Open slide detailBeat · Expose Contradiction
07
Includes a terminal-style code snippet showing data processing logs as visual proof of methodology.expose_contradiction
Open slide detailBeat · Expose Contradiction
08
The slide uses a video screenshot to provide empirical evidence of tracking behavior.expose_contradiction
Open slide detailBeat · Expose Contradiction
09
Uses a direct quote from the CEO to highlight the discrepancy.expose_contradiction
Open slide detailBeat · Expose Contradiction
10
The slide uses a specific methodology of tracking pixel presence on customer websites to infer churn.expose_contradiction
Open slide detailBeat · Expose Contradiction
11
This is a transition or thesis slide in an activist short report.frame_problem
Open slide detailBeat · Expose Contradiction
12
Uses the 'ceo-quote-contradiction' framework to highlight the gap between executive claims and technical evidence.expose_contradiction
Open slide detailBeat · Expose Contradiction
13
The slide uses the term 'black edge' to describe the informational advantage gained by APP.expose_contradiction
Open slide detailBeat · Expose Contradiction
14
Uses direct quotes from Apple's developer documentation to establish a violation.expose_contradiction
Open slide detailBeat · Expose Contradiction
15
The slide uses direct legal citations to build a case for policy violation.expose_contradiction
Open slide detailBeat · Expose Contradiction
16
The slide uses a 'Muddy Waters Research' branding and cites a 2023 10-K filing to support the claim of potential deplatforming risk.expose_contradiction
Open slide detailBeat · Expose Contradiction
17
The slide uses data from Google and Pixalate to demonstrate the frequency of deplatforming.summarize
Open slide detailBeat · Key Messages
18
Muddy Waters Research activist deck slide exposing data collection practices.expose_contradiction
Open slide detail
19
The slide uses technical documentation and cookie policy screenshots to support the claim of data collection.expose_contradiction
Open slide detail
20
The table lists specific tracking IDs (AUID, ga, fbp, etc.) and their durations, framing them as sensitive data ingestion.expose_contradiction
Open slide detail
21
The slide uses a screenshot of browser developer tools (network tab) to prove data exfiltration.expose_contradiction
Open slide detail
22
The slide uses a screenshot of a browser network request (likely Chrome DevTools) with red annotations to point out specific data fields being exfiltrated.expose_contradiction
Open slide detail
23
Includes specific technical instructions for using Chrome DevTools to inspect network traffic.plan_implementation
Open slide detail
24
This slide sets up a contradiction to be addressed in subsequent slides.expose_contradiction
Open slide detail
25
transition
Open slide detail
26
The slide details a 'Compass' token system used for fingerprinting and user tracking, highlighting a potential regulatory or disclosure issue regarding the remoexpose_contradiction
Open slide detail
27
The slide uses screenshots of technical logs to prove data tracking behavior.expose_contradiction
Open slide detail
28
Uses screenshots of network traffic logs to prove cross-site tracking.expose_contradiction
Open slide detail
29
frame_problem
Open slide detail
30
The slide uses a narrative structure to expose a perceived fraudulent practice by the subject company.expose_contradiction
Open slide detail
31
Uses video evidence (screenshots) to demonstrate bidding behavior.expose_contradiction
Open slide detail
32
transition
Open slide detail
33
The slide uses a 'claim vs. reality' structure to undermine the company's narrative.expose_contradiction
Open slide detail
34
transition
Open slide detail
35
preempt_rebuttal
Open slide detail
36
appendix
Open slide detail
37
The slide uses a narrative of fraud exposure to explain a long-term stock decline.expose_contradiction
Open slide detail
38
The slide uses a historical case study to argue that Meta's platform power is a existential risk to the target company.expose_contradiction
Open slide detail
39
Methodology slide detailing the technical verification process for identifying active vs. churned websites.summarize
Open slide detail
40
The slide uses technical evidence (network request screenshots) to expose how APP tracks users.expose_contradiction
Open slide detail
41
This slide details the mechanism of the alleged fraud/privacy violation.present_framework
Open slide detail
42
The slide details a technical process flow for user tracking/fingerprinting.illustrate_case
Open slide detail
43
This is a technical process flow diagram used by Muddy Waters Research to allege anti-competitive or policy-violating behavior by AppLovin.illustrate_case
Open slide detail
44
This is a complex process flow diagram showing data movement between users, gaming apps, advertiser websites, ad auctions, and APP servers.illustrate_case
Open slide detail
45
Includes specific instructions for inspecting network traffic to identify tracking keys.plan_implementation
Open slide detail
46
This slide serves as a technical appendix or methodology guide for the research process.other
Open slide detail
47
This is a technical instructional slide from a Muddy Waters Research report.other
Open slide detail
48
This is a procedural slide showing steps 5 and 6 of a technical investigation process.other
Open slide detail
49
This slide serves as a technical appendix to demonstrate how the firm validates its claims regarding tracking/fingerprinting.illustrate_case
Open slide detail
50
The slide uses a screenshot of Chrome DevTools to highlight specific JSON payloads containing tracking identifiers like 'igID', 'fondue cart ID', and 'novel ID'illustrate_case
Open slide detail