{
  "docId": "019dd923-622c-750b-8b97-b391eed1d446",
  "docSlug": "b67365e28a44",
  "documentTitle": "AppLovin (APP)",
  "authorId": "51_Muddy_Waters",
  "authorName": "Muddy Waters Research",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2025-03-27 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.7777778,
  "pageNumber": 35,
  "pageCount": 50,
  "prevPage": 34,
  "nextPage": 36,
  "slideType": "preempt_rebuttal",
  "function": "preempt_rebuttal",
  "density": "balanced",
  "nDataPoints": 0,
  "notes": null,
  "elementsJson": [
    "headline_text",
    "paragraph"
  ],
  "metadataConfidence": 0.9,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b97-b391eed1d446/35",
  "deckHref": "/decks/019dd923-622c-750b-8b97-b391eed1d446",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b97-b391eed1d446.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-b391eed1d446#slide-35",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "We believe that APP is at real risk of deplatforming.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-25b7-709e-b8c7-143916909da3",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.1,
        "w": 0.1,
        "x": 0.87,
        "y": 0.03
      },
      "kind": "image",
      "text": "MUDDY WATERS RESEARCH",
      "attrs": null,
      "subkind": "logo",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "635ed8c3-b2c7-420f-9c98-295ad5c21cab",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.94,
        "x": 0.027,
        "y": 0.36
      },
      "kind": "paragraph",
      "text": "However, should the platforms not act against APP, we expect that APP will face significant competition because these techniques, if seemingly tolerated by the platforms, should be easy to duplicate. The key matching technology involved in APP's e-commerce business appears to lack a moat.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "6f93c896-a821-4206-bc02-d4a340d9ce0c",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.94,
        "x": 0.027,
        "y": 0.53
      },
      "kind": "paragraph",
      "text": "Putting aside the probability of margin-eroding competition should the platforms tolerate APP's approach, given the core of its product appears to be retargeting and has low apparent incrementality, we doubt many advertisers will countenance paying a premium for APP.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "949eb432-d9c5-4d7f-a389-8e3b7c4cba0d",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.12,
        "w": 0.94,
        "x": 0.027,
        "y": 0.22
      },
      "kind": "paragraph",
      "text": "We believe that APP is at real risk of deplatforming. We understand that platforms' TOS prohibit fingerprinting without consent because the platforms are concerned about being to honor user opt-outs and deletion requests as required by various laws.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "db09af0d-718f-419a-a3e6-77d23cbce588",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.65,
        "x": 0.027,
        "y": 0.048
      },
      "kind": "title",
      "text": "Possible Consequences Range from Client Abandonment to Deplatforming",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "82c64e2d-bbde-4ade-9087-17bb7bcf0ca6",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}