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  "docSlug": "b67365e28a44",
  "documentTitle": "AppLovin (APP)",
  "authorId": "51_Muddy_Waters",
  "authorName": "Muddy Waters Research",
  "documentKindSlug": "activist-deck",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2025-03-27 00:00:00",
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  "notes": "Uses video evidence (screenshots) to demonstrate bidding behavior.",
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      "kind": "callout",
      "text": "APP doesn't overcome the information asymmetry through “AI”, but rather through misappropriated 3P user data.",
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      "text": "1st ad served: a Happy Mammoth Ad by Facebook, 2nd ad served: another Happy Mammoth ad by APP",
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      "text": "1st ad served: Dose for your liver ad by APP, 2nd ad served: another Dose ad by Facebook",
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      "text": "We repeatedly observed Facebook and APP ads for the same advertiser running back-to-back. This appears to reflect a bidding war between APP and Facebook, which seemingly place similar values on the user but should have vastly different amounts of data. APP doesn’t overcome the information asymmetry through “AI”, but rather through misappropriated 3P user data.",
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      "text": "Example: APP’s Black Edge in Ad Auctions Increases Competition for 1P User Data Ad Networks",
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