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  "documentTitle": "AppLovin (APP)",
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  "authorName": "Muddy Waters Research",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2025-03-27 00:00:00",
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  "notes": "Methodology slide detailing the technical verification process for identifying active vs. churned websites.",
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      "text": "This is considered a company-favorable methodology.",
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      "text": "This assumes that the ecommerce customer is using the AXON data meaningfully and does not take into account e-commerce websites that may have incorrectly configured the AXON/APP pixels. Incorrectly configured websites which are not functioning properly which do present an APP pixel will be deemed to have NOT churned. This is considered a company-favorable methodology.",
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      "text": "Criteria: The presence of any one of these criteria would be judged as an active website, i.e. NOT churned. If none of the above criteria was present in the URLScan data, then the website was considered to have churned.",
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      "text": "To determine whether the AXON/APP system was present, analysts tested for the \"axcrt\" AXON cookie being present, various page-specific global variables that the AXON tracking pixel sets, and for the presence of HTTP communication between the URLScan.io browser and axon.ai [axon.ai] and/or b.applovin.com [applovin.com].",
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      "text": "Analysts utilized both automated scanning technologies and manual checks to ascertain which websites retained the presence of the Axon and/or APP-specific tracking pixels.",
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      "text": "URLScan.io was used in the final pass, which provides a publicly accessible, and verifiable source for all of the tests. URLScan.io uses a full browser to browse to the target website, and then monitor that browser for all HTTP requests, cookies, console (error or logging messages) information along with statistics for each domain that was contacted. After the automated scan, the churn list was double checked by means of manual inspection utilizing Chrome DevTools.",
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      "text": "Churn Verification – Automated Tools & Manual Checks Deployed for Pixel Hunting",
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