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  "documentTitle": "AppLovin (APP)",
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  "authorName": "Muddy Waters Research",
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  "presentationDate": "2025-03-27 00:00:00",
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      "text": "We contend that APP engages in Fingerprinting 2.0 by creating user graphs composed of other platforms unique identifiers like the Facebook \"fbp\", Google \"ga\", etc. and importantly marrying this up with an e-commerce site like Shopify's event data to recognize whether such users are high value.",
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      "text": "Additionally, Apple implemented new requirements for consumer disclosures regarding privacy and data processing practices in December 2020, which has resulted in increased compliance requirements and could result in decreased usage of our Apps. Apple incorporated new SDK privacy controls into iOS 17, which was released in September 2023, including privacy manifests and signatures designed to allow app developers to outline the data practices for SDKs embedded in their apps, manage tracking domains within SDKs, and curb device fingerprinting by requiring app developers to select allowed reasons for using data received through certain APIs. Apple indicated that it expects privacy manifests and signatures to become part of the App Store review in Spring 2024.",
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      "text": "In 2023, APP added to its risk disclosure about its reliance on Apple and other 3P platforms. The new disclosure explains that Apple's privacy controls compel advertisers to justify data received through certain APIs. We explain infra that fingerprinting occurs not via the APIs, but on its own servers, which Apple cannot directly monitor. We contend that APP engages in Fingerprinting 2.0 by creating user graphs composed of other platforms unique identifiers like the Facebook 'fbp', Google 'ga', etc. and importantly marrying this up with an e-commerce site like Shopify's event data to recognize whether such users are high value. These actions, especially when considered in their totality, present as major violations of key partner platforms' privacy policies.",
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      "text": "Additionally, Apple implemented new requirements for consumer disclosures regarding privacy and data processing practices in December 2020, which has resulted in increased compliance requirements and could result in decreased usage of our Apps. — APP 2023 10-K",
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      "text": "1 APP 2023 10-K, p. 13",
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      "text": "APP's 2023 Disclosure Change Emphasizes the Risk of Being Deplatformed for Violating TOS",
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