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  "documentTitle": "AppLovin (APP)",
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  "authorName": "Muddy Waters Research",
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  "presentationDate": "2025-05-07 00:00:00",
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      "text": "Evidence in the captured data indicates that APP’s CEO and CTO blatantly lied and misled investors about APP’s use of persistent identifiers.",
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      "text": "Evidence in the captured data indicates that APP's CEO and CTO blatantly lied and misled investors about APP's use of persistent identifiers. We think this is because there is significant risk of APP being deplatformed for TOS privacy violations, as well as potential risks of regulatory action. Additionally, we see material risks from margin-compression as APPs techniques become better understood by its competitors and customers.",
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      "text": "For example, as noted in our initial report, Meta is both a key platform partner (Facebook Audience Network partner) and a major competitor. One sell side analyst recently reported that Meta was the the primary contributor to APPs market share gains. We believe Meta will be paying closer attention to APP and that Meta has the means to remove APP as a competitor, if it so choses.",
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      "text": "Last, we contend that as customers find they are paying, or indeed overpaying, for retargeting ads they will likely further cut spend and/or or seek lower cost approaches to retarget interested or existing customers, diminishing APPs potential customer base, revenues, and margins.",
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      "text": "Nevertheless, if no platforms take direct action, then other Ad tech competitors will be compelled to replicate APPs techniques to keep up.",
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      "text": "Conclusion: Execs Lied About Persistent Identifiers Likely Due to Pressure from Deplatforming and Margin Compression Risks",
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