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  "documentTitle": "AppLovin (APP)",
  "authorId": "51_Muddy_Waters",
  "authorName": "Muddy Waters Research",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2025-03-27 00:00:00",
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  "notes": "The slide uses a 'claim vs. reality' structure to undermine the company's narrative.",
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      "text": "APP's ads just aren't the original source of most so-called incremental sales; rather it's mainly claim jumping, taking the last click attribution credit.",
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      "text": "APP is driving incremental sales: APP is driving real users who really click the ads and actually buy products. Some of the sales probably are incremental to the ad networks driving the original traffic. APP's ads just aren't the original source of most so-called incremental sales; rather it's mainly claim jumping, taking the last click attribution credit. And to the extent these are retargeting sales, the value is further diminished.",
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      "text": "APP has ad targeting and optimization: Likely it does to some degree. It's just optimizing to show users ads right before users purchase to win credit for a sales it didn't actually or solely generate.",
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      "text": "APP doesn't specifically target Meta: APP's PIGs aren't specific to Meta. They include data from numerous platforms.",
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      "text": "APP's doesn't use PII: APP produces its PIGs from its partners' unique IDs, synthetically building user profiles without having to touch PII directly. But, through this combination, these profiles effectively become a form of PII.",
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      "text": "A Sample of APP's Misleading Claims",
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