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"e064306e-c3fc-48d6-afe1-0c841911f16e", "evidence": "Visualizing connections between IDs and domains", "framework": null, "confidence": 0.8, "extraction": { "at": "2026-05-02 20:45:59.834+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 14, "frameworkName": "mapping" }, { "matchId": "267ae974-4504-473f-945f-79455d1f8a5b", "evidence": "Explicit accusation of lying by executives to cover business risks.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:46:00.005+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 16, "frameworkName": "fraud-exposure" } ], "patterns": [] }, "storymakers": null, "score": null, "review": null, "activistThesis": { "tone": "adversarial", "notes": "Follow-up short report to Muddy Waters' initial March 27, 2025 report on AppLovin. Accompanies a video from Permanent Record Research (Justin Seitz). Core device is a CEO/CTO quote-contradiction built on forensic HTTP captures showing a compass_random_token relabeled 'alart'/'art' persisting across Apple's privacy sandbox. Strong technical proof (data tables, Gephi graph, Proxyman captures) but no sum-of-parts, peer-gap chart, or explicit price target — typical of a short-seller follow-up focused on moving the narrative rather than valuation. Named villains: CEO Adam Foroughi and CTO Basil Shikin. Author name not disclosed on cover; Muddy Waters publishes under firm name (Carson Block attribution not on this document).", "kpisCited": [ { "detail": "Same compass_random_token value (285035d2-a4bf-4275-bd06-31ea02d6a9fe) sustained for weeks across four e-commerce domains and three applovin.com subdomains", "metric": "Persistent GUID lifetime" }, { "detail": "One persistent token observed across drinkbrez.com, namacbd.com, minceetbien.com, ilmakiage.com plus sts.applovin, b.applovin, ms.applovin", "metric": "Cross-domain scope of single identifier" }, { "detail": "Tens of thousands of HTTP requests captured across iOS and Android, Safari/Chrome, VPN on and off, US and Canada networks", "metric": "Data collection volume" } ], "closingAsk": "Investors should recognize that APP's executives lied about persistent identifiers and face deplatforming, regulatory, and margin-compression risks.", "extraction": { "at": "2026-04-22 20:12:56+00", "model": "unknown-legacy", "runId": null, "seconds": 121.49183, "promptVersion": null }, "scqaReward": "Downside from deplatforming by Meta (key partner and competitor), regulatory action over privacy and TOS violations, and margin compression as retargeting customers cut spend or competitors replicate APP's techniques. No explicit price target is shown.", "thesisTypes": [ "fraud_exposure" ], "top3Reasons": [ "APP's CEO and CTO blog posts on March 31, 2025 falsely deny the creation and use of persistent identifiers", "HTTP captures show a compass_random_token relabeled as 'alart'/'art' links users across Zynga games, Shopify sites, and applovin.com domains", "Deplatforming by Meta, regulatory action, and margin compression threaten APP's revenues and margins" ], "scqaSituation": "AppLovin's MAX SDK and ad-mediation platform depend on identifying users across apps and e-commerce sites inside Apple's post-IDFA/ATT privacy sandbox, which prohibits cross-app tracking without user opt-in.", "thesisSummary": "Muddy Waters, short AppLovin, argues that CEO Adam Foroughi's and CTO Basil Shikin's March 31, 2025 blog posts denying the creation and use of persistent identifiers are blatant lies. Using captured HTTP traffic and forensic analysis by third-party Permanent Record Research, Muddy Waters shows APP's MAX SDK generates a persistent compass_random_token (CRT) that is relabeled 'alart' and 'art' while retaining the same underlying value, linking Zynga mobile game users to e-commerce sites like drinkbrez.com, ilmakiage.com, namacbd.com, and minceetbien.com across Apple's privacy sandbox. The same GUID persists for weeks across four e-commerce domains and three applovin.com subdomains, enabling cross-app retargeting that violates user privacy, IDFA/ATT rules, and partner platforms' terms of service. Muddy Waters contends this exposes APP to deplatforming by Meta, regulatory action, and margin compression as competitors replicate the techniques and retargeting customers rein in spend.", "primaryDemands": [], "scqaResolution": "Muddy Waters remains short APP and publishes forensic evidence — video, data spreadsheets, Gephi graph — commissioned from Permanent Record Research to force investors, Meta, and regulators to confront the CEO's and CTO's deceptions.", "thesisOneLiner": "Muddy Waters is short AppLovin; the CEO and CTO's March 2025 denials of persistent identifiers are demonstrably false, exposing APP to deplatforming, regulatory, and margin-compression risks.", "precedentsCited": [], "scqaComplication": "APP's CEO and CTO explicitly denied creating persistent identifiers in March 31, 2025 blog posts, yet HTTP captures show a persistent compass_random_token relabeled 'alart' and 'art' tracking users across Zynga games, Shopify sites, and applovin.com subdomains.", 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We show this denial is a lie. Throughout Foroughi's blog post, he references CTO Shikin's analysis. 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APP's CEO and CTO responded to our initial report (dated Match 27, 2025) with demonstrably false statements. In contrast to its CEO and CTO's claims, APP continues to use persistent identifiers that violate users' privacy and partner platforms' terms of service.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:45:58.887+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "56ac9220-210e-44cd-b59a-05f9b9b2239e", "parentComponentId": null }, { "bbox": { "h": 0.2, "w": 0.9, "x": 0.05, "y": 0.6 }, "kind": "paragraph", "text": "This presentation introduces the video which provides new evidence, data, and visualizations that clearly demonstrate the existence and use of persistent identifiers to build Persistent Identify Graphs (PIGs) and retarget ads to mobile game users. In the video, the PRR technical expert explains in detail how Shikin's response misleads, how the persistent identity graphs are created, how these persistent identifiers interact with APP's tech stack and are called on in the ad auction (mediation) processes, and that they cross domains and applications.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:45:58.887+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "76e7a44c-0af2-4518-a03a-0f193dd3e2b0", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.9, "x": 0.05, "y": 0.5 }, "kind": "paragraph", "text": "Included at the end of this presentation is a link to a video by a third-party investigations firm, Permanent Record Research Inc. (PRR), which we engaged to verify our thesis and assist with this project's research.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:45:58.887+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ae956469-dcf4-42de-b8ab-f6ce56463c38", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "CEO Foroughi denied that APP creates or uses persistent identifiers in his March 31, 2025 blog post. — Adam Foroughi", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:11:08+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0936-7173-ab17-a5cf87b5a9c5", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.9, "x": 0.05, "y": 0.85 }, "kind": "source-note", "text": "1 APP CEO Adam Foroughi, March 31, 2025: Performance Advertising: How we drive value and handle data, https://www.applovin.com/blog/how-we-drive-value-and-handle-data/\n2 APP CTO Basil Shirkin, March 31, 2025: Performance Advertising: Examination of e-commerce data practices, https://www.applovin.com/blog/examination-of-e-commerce-data-practices/", "attrs": { "numbered": true }, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:45:58.887+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "472b5b98-6f15-4fe9-8392-3746ffd52310", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.7, "x": 0.05, "y": 0.05 }, "kind": "title", "text": "APP's Persistent Lies, Denying Use of Persistent IDs", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:45:58.887+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "547cfc5e-1184-4619-a3e2-2bec2841a862", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "2497605f-2856-4c02-aa06-c04dd0852246", "evidence": "Direct accusation of lying by CEO/CTO and intent to expose via third-party evidence.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:45:58.887+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 3, "frameworkName": "fraud-exposure" } ], "arcBeats": [ { "to": 6, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 3, "name": "The Monster", "beatId": "9ef0ae93-3845-4697-b1cd-64d5dc3f66c1", "matchId": "60ef81b6-f72a-467b-a8a0-d83cbccfa7ec", "beatType": { "name": "The Monster", "slug": "overcoming-monster-the-monster", "status": "active", "canonId": "019dd9b8-3ba3-70b3-85b6-6dc1928acd40", "version": 1, "description": null }, "evidence": "Slides 3-6 expose contradictions in AppLovin's statements about persistent identifiers.", "position": 0, "isPrimaryArc": true, "parentBeatType": { "name": "Hook", "slug": "hook", "status": "active", "canonId": "019dd9b8-01a6-7328-bff2-b22eb40b3ea5", "version": 1, "description": "The opener — a deliberate move to earn attention before any argument. Used by AIDA, Monroes, Pixar Pitch, Overcoming the Monster." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [ { "to": 6, "from": 3, "loop": { "name": "05_the_reveal", "slug": "05-the-reveal", "status": "active", "bestFor": "Product launches, strategic pivots, unexpected findings", "canonId": "019dd956-67e8-77bc-a867-02c2b36370bd", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "Setup the Question -> Build Suspense -> The Big Reveal", "description": "Build mystery and anticipation, then deliver a surprising or powerful conclusion", "familyLabel": null }, "matchId": "8ebcef1c-35aa-4fbf-b1f6-da10bd167aab", "evidence": "Slides 3-6 present evidence of contradictions in AppLovin's statements.", "position": 0, "objective": "Expose AppLovin's alleged wrongdoing", "confidence": 0.7, "extraction": { "at": "2026-07-16 21:59:03.971954+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 4, "type": "tension", "title": "Includes a screenshot of the CEO's statement as evidence of the contradiction.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "dense", "densityScore": 64, "componentCount": 7, "textChars": 1603, "nDataPoints": 0, "notes": "Includes a screenshot of the CEO's statement as evidence of the contradiction.", "elementsJson": [ "headline_text", "paragraph", "screenshot", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:45:58.15+00", "seconds": 3.163, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b97-b61650b69e06/4", "deck": "/decks/019dd923-622c-750b-8b97-b61650b69e06", "deckAnchor": "/decks/019dd923-622c-750b-8b97-b61650b69e06#slide-4", "deckJson": "/decks/019dd923-622c-750b-8b97-b61650b69e06.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "When they opt out, we don't create alternative accurate and persistent identifiers, typically called device fingerprints.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:11:07+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0936-7173-ab17-6ef6ef35d42a", "parentComponentId": null }, { "bbox": { "h": 0.35, "w": 0.72, "x": 0.24, "y": 0.55 }, "kind": "image", "text": "Below: Foroughi denies APP creates or uses persistent identity trackers – i.e. fingerprinting. How it works in our world. Data powers modern advertising, but it's also where questions arise. Let's unpack how we handle it across apps and websites. Apple's App Tracking Transparency (ATT) reshaped in-app advertising. Users can choose to share IDFA for cross-app tracking — or not. When they opt out, we don't create alternative accurate and persistent identifiers, typically called device fingerprints.", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:45:58.15+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "893a9569-5abb-4701-af62-aef85cf877b5", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.94, "x": 0.03, "y": 0.42 }, "kind": "paragraph", "text": "This presentation and the accompanying video show records of web and application traffic that prove these claims to be utterly false. We show that persistent identifiers are created, disguised, and applied to track users across domains and applications.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:45:58.15+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1fb7a4ce-8bcc-43fa-94d9-273b3c7799ea", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.94, "x": 0.03, "y": 0.25 }, "kind": "paragraph", "text": "On March 31, Foroughi denied that APP creates or uses persistent identity graphs (PIGs) for users who decline IDFA cross-application tracking. On May 1, APP re-upped Foroughi's lie by recycling his March 31 post in a newsletter to stakeholders entitled \"Directly From Our CEO: Maximizing Value & Ensuring Data Safety.\"", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:45:58.15+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f93da9eb-ad4e-4cd7-9051-39b30dc8af28", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "When they opt out, we don't create alternative accurate and persistent identifiers, typically called device fingerprints. — Adam Foroughi, AppLovin CEO", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:11:07+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0936-7173-ab17-728cc1af3460", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.8, "x": 0.03, "y": 0.9 }, "kind": "source-note", "text": "1 APP CEO Adam Foroughi, March 31, 2025: Performance Advertising: How we drive value and handle data, https://www.applovin.com/blog/how-we-drive-value-and-handle-data/", "attrs": { "numbered": true }, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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The value (green) of the three tokens (compass_random_token, art, alart) persist across e-commerce domains...", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:46:00.904+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "792c324c-bbc9-4ea7-8324-dbeaac913e29", "parentComponentId": null }, { "bbox": { "h": 0.41, "w": 0.62, "x": 0.19, "y": 0.51 }, "kind": "table", "text": "Table showing http_time, type, http_origin, token_value, and http_host for various tracking events.", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:46:00.904+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "efb3f207-01ac-442b-aa07-2d9b01449d52", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.8, "x": 0.03, "y": 0.07 }, "kind": "title", "text": "APP Shares Persistent IDs Across Domains & Applications", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:46:00.904+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "bf5bfc1c-bd06-43ed-a627-a28658393202", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "928b4c1d-fdb9-451e-acf9-371a9bc5a39e", "evidence": "The slide explicitly exposes a contradiction between expected privacy behavior (unique tokens) and observed behavior (persistent shared tokens).", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:46:00.904+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 8, "frameworkName": "fraud-exposure" } ], "arcBeats": [ { "to": 11, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 7, "name": "The Struggle", "beatId": "d8fc7000-740c-49e7-955e-8358b56459ea", "matchId": "60ef81b6-f72a-467b-a8a0-d83cbccfa7ec", "beatType": { "name": "The Struggle", "slug": "overcoming-monster-the-struggle", "status": "active", "canonId": "019dd9b8-3d24-71b1-9262-9a8f9850fda3", "version": 1, "description": null }, "evidence": "Slides 7-11 present evidence of AppLovin's alleged misuse of persistent identifiers.", "position": 1, "isPrimaryArc": true, "parentBeatType": { "name": "Development", "slug": "development", "status": "active", "canonId": "019dd9b8-0332-7008-b3aa-11b0840a57b1", "version": 1, "description": "The middle stretch in arcs that have one. 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Generate Persistent Identifiers 2. Ingest User, Device & Network Attributes 3. Link Mosaic to Identifiers", "attrs": null, "canon": { "kind": { "name": "Diagram", "slug": "diagram", "status": "active", "canonId": "019de52c-f9f0-734a-81de-15382ff28c65", "version": 1, "description": "Schematic or relational diagram." }, "tool": null, "subkind": { "name": "Process flow", "slug": "process", "status": "active", "canonId": "019de52d-039c-718f-ad3a-efe9c4b3c838", "version": 1, "description": null }, "framework": null }, "subkind": "process", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:46:01.445+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "fd21fa29-4af2-43e6-8fe5-8c7359178b51", "parentComponentId": null }, { "bbox": { "h": 0.2, "w": 0.95, "x": 0.03, "y": 0.2 }, "kind": "list", "text": "1. When APP's Max SDK is launched it generates two tokens... 2. APP reads and ingests various types of device and network attributes... 3. The persistent identifiers are linked to the user and device data...", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Numbered list", "slug": "numbered", "status": "active", "canonId": "019de52c-fcc0-7718-a284-a4250c805df2", "version": 1, "description": null }, "framework": null }, "subkind": "numbered", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:46:01.445+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1b3518a2-7a48-4a49-84dd-e322d98fb532", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.75, "x": 0.03, "y": 0.05 }, "kind": "title", "text": "How APP Circumvents the Privacy Firewall: Creating Persistent IDs and Persistent Identity Graphs", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:46:01.445+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5a0278ba-6f35-4f12-a81a-cdae1d2d596b", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "ccdc63b0-75a9-4029-8166-1e17e001afed", "evidence": "The slide explicitly maps a 3-step process to explain the mechanism of privacy circumvention.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:46:01.445+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 9, "frameworkName": "causal-chain" } ], "arcBeats": [ { "to": 11, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 7, "name": "The Struggle", "beatId": "d8fc7000-740c-49e7-955e-8358b56459ea", "matchId": "60ef81b6-f72a-467b-a8a0-d83cbccfa7ec", "beatType": { "name": "The Struggle", "slug": "overcoming-monster-the-struggle", "status": "active", "canonId": "019dd9b8-3d24-71b1-9262-9a8f9850fda3", "version": 1, "description": null }, "evidence": "Slides 7-11 present evidence of AppLovin's alleged misuse of persistent identifiers.", "position": 1, "isPrimaryArc": true, "parentBeatType": { "name": "Development", "slug": "development", "status": "active", "canonId": "019dd9b8-0332-7008-b3aa-11b0840a57b1", "version": 1, "description": "The middle stretch in arcs that have one. 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This makes the CRT available to user click events or other interactions which point to the Shopify site; thereby making the CRT accessible to the web browser.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:11:09+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0936-7173-ab18-71143da8b14f", "parentComponentId": null }, { "bbox": { "h": 0.45, "w": 0.94, "x": 0.03, "y": 0.42 }, "kind": "image", "text": "Diagram showing the 'No Login' process and the 'Breaking the Sandbox' mechanism.", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Illustration", "slug": "illustration", "status": "active", "canonId": "019de52c-fe76-7772-a5ac-c0b7294d7615", "version": 1, "description": null }, "framework": null }, "subkind": "illustration", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:45:58.824+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "38aca1c7-dd66-4f7e-923e-5b6569a43419", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.94, "x": 0.03, "y": 0.18 }, "kind": "paragraph", "text": "The Max SDK “webview” and the mobile web browser on the Shopify site run on the same mobile device. To ensure user privacy, Safari and Zynga are sandboxed away from each other. This is designed to prevent the sharing of information, cookies, or trackers. To circumvent this sandbox, APP inserts the CRT into the “webview” where ads run. 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"subkind": { "name": "Infographic", "slug": "infographic", "status": "active", "canonId": "019de52c-fe26-750c-9d7d-9f34e21324e8", "version": 1, "description": null }, "framework": null }, "subkind": "infographic", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:45:59.929+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6f7b288a-1825-4086-9813-477536f08e5e", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.09, "x": 0.88, "y": 0.03 }, "kind": "image", "text": "Muddy Waters Research logo", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Logo", "slug": "logo", "status": "active", "canonId": "019de52c-fdaf-743d-94c4-d7c6a0e55302", "version": 1, "description": null }, "framework": null }, "subkind": "logo", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:45:59.929+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "717fd7b4-5cb1-4d09-a42f-060b504381ff", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.94, "x": 0.03, "y": 0.38 }, "kind": "paragraph", "text": "As explained in our original report, the more robust the synthetic PIG, the better APP can determine if a user has already visited an advertiser’s website, added items to a cart or started a checkout, and thereby obtain signal.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": 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"at": "2026-05-02 20:45:59.834+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b9f7f867-0191-4f23-9efb-fe331db4b20d", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.35, "x": 0.03, "y": 0.58 }, "kind": "paragraph", "text": "In other words, the data collected indicates use of persistent identifiers used to target and re-target users across domains and applications.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:45:59.834+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "60472c40-a024-4f99-87df-4452cc70b667", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.35, "x": 0.03, "y": 0.18 }, "kind": "paragraph", "text": "PRR's video presentation concludes with a Gephi graph visualization of identifiers and servers. The graph uses the captured APP data from our analysis and then visually maps the IDs, including persistent IDs, to show the web of data connections.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:45:59.834+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8ff72a8e-756a-40a7-b11f-8e6b53f37309", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.35, "x": 0.03, "y": 0.42 }, "kind": "paragraph", "text": "Like the data analysis spreadsheet shown earlier, this illustrates how the synthetic PIG value is connected to multiple APP domains running mobile applications and web browsers viewing e-commerce sites.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:45:59.834+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ee46df27-4c0f-4f04-a3b1-05321185a3f4", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.6, "x": 0.03, "y": 0.05 }, "kind": "title", "text": "Mapping Persistent ID's Across Domains & Applications", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:45:59.834+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f0135e7f-ebc3-4850-b4eb-94259016b673", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "e064306e-c3fc-48d6-afe1-0c841911f16e", "evidence": "Visualizing connections between IDs and domains", "framework": null, "confidence": 0.8, "extraction": { "at": 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"elementsJson": [ "headline_text", "paragraph", "bullet_list", "screenshot", "callout_box" ], "confidence": 0.9, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:46:02.905+00", "seconds": 6.114, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b97-b61650b69e06/15", "deck": "/decks/019dd923-622c-750b-8b97-b61650b69e06", "deckAnchor": "/decks/019dd923-622c-750b-8b97-b61650b69e06#slide-15", "deckJson": "/decks/019dd923-622c-750b-8b97-b61650b69e06.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "That APP uses persistent identifiers, in sharp contrast with its Foroughi’s claims and the Shikin’s examples of FB and GOOG", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": 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"019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:46:02.905+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9a780da1-0d28-44f9-bbb0-30e554aefedd", "parentComponentId": null }, { "bbox": { "h": 0.3, "w": 0.5, "x": 0.05, "y": 0.45 }, "kind": "list", "text": "That APP uses persistent identifiers, in sharp contrast with its Foroughi’s claims and the Shikin’s examples of FB and GOOG; The mechanics of how APP creates persistent identifiers on device; How these identifiers are combined to create device and user graphs (synthetic PIGs); That these identifiers are shared across domains and applications; and An example of an APP ad retargeting immediately following a visit to the ad customer’s website.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:46:02.905+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7f407ba2-ef64-475b-b37b-a82fdec6dd62", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.5, "x": 0.05, "y": 0.8 }, "kind": "paragraph", "text": "This video draws from original data research performed both prior and subsequent to our original report. It was prepared by our outside, third-party technical expert, Justin Seitz of Permanent Record Research.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:46:02.905+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3d2ea756-2e4c-49a0-81ae-6afbd7e46134", "parentComponentId": null }, { "bbox": { "h": 0.2, "w": 0.5, "x": 0.05, "y": 0.2 }, "kind": "paragraph", "text": "This video is intended to illuminate for APP investors, partners, stakeholders, and others in AdTech, privacy research and cybersecurity, how the APP identifiers reach across domains and applications, and how these persistent identifiers interact with APP’s tech stack and during the mobile ad auction (mediation) process.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:46:02.905+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7ec4aa3a-0dca-41cd-8cdb-caa3f8747b3b", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.8, "x": 0.05, "y": 0.05 }, "kind": "title", "text": "Video: APP's Cross-App Cross-Domain Tracking, Persistent Identity Graph Creation & Retargeting", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:46:02.905+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f3f1854a-7f16-41d5-963d-f32d48a11686", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 16, "type": "tension", "title": "Muddy Waters Research activist short report slide.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "dense", "densityScore": 64, "componentCount": 7, "textChars": 1518, "nDataPoints": 0, "notes": "Muddy Waters Research activist short report slide.", "elementsJson": [ "headline_text", "paragraph" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:46:00.005+00", "seconds": 3.014, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b97-b61650b69e06/16", "deck": "/decks/019dd923-622c-750b-8b97-b61650b69e06", "deckAnchor": "/decks/019dd923-622c-750b-8b97-b61650b69e06#slide-16", "deckJson": "/decks/019dd923-622c-750b-8b97-b61650b69e06.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "Evidence in the captured data indicates that APP’s CEO and CTO blatantly lied and misled investors about APP’s use of persistent identifiers.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:11:10+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0936-7173-ab18-b100356ee66f", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.1, "x": 0.87, "y": 0.03 }, "kind": "image", "text": "MUDDY WATERS RESEARCH", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Logo", "slug": "logo", "status": "active", "canonId": "019de52c-fdaf-743d-94c4-d7c6a0e55302", "version": 1, "description": null }, "framework": null }, "subkind": "logo", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:46:00.005+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e944fe0b-457f-4736-b4dd-a62811e3a75a", "parentComponentId": null }, { "bbox": { "h": 0.2, "w": 0.9, "x": 0.05, "y": 0.22 }, "kind": "paragraph", "text": "Evidence in the captured data indicates that APP's CEO and CTO blatantly lied and misled investors about APP's use of persistent identifiers. We think this is because there is significant risk of APP being deplatformed for TOS privacy violations, as well as potential risks of regulatory action. Additionally, we see material risks from margin-compression as APPs techniques become better understood by its competitors and customers.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:46:00.005+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "110234d2-8800-4906-b751-b98bfd03f99d", "parentComponentId": null }, { "bbox": { "h": 0.18, "w": 0.9, "x": 0.05, "y": 0.43 }, "kind": "paragraph", "text": "For example, as noted in our initial report, Meta is both a key platform partner (Facebook Audience Network partner) and a major competitor. One sell side analyst recently reported that Meta was the the primary contributor to APPs market share gains. We believe Meta will be paying closer attention to APP and that Meta has the means to remove APP as a competitor, if it so choses.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:46:00.005+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2ed12484-90e4-4a27-84e7-8e59f5b41134", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.9, "x": 0.05, "y": 0.72 }, "kind": "paragraph", "text": "Last, we contend that as customers find 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