{
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  "docSlug": "6c16913ce6b9",
  "documentTitle": "AppLovin (APP)",
  "authorId": "51_Muddy_Waters",
  "authorName": "Muddy Waters Research",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2025-05-07 00:00:00",
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  "notes": "The slide serves as a transition to a video-based evidence presentation.",
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      "kind": "callout",
      "text": "We show this denial is a lie.",
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      "kind": "paragraph",
      "text": "CEO Foroughi denied that APP creates or uses persistent identifiers in his March 31, 2025 blog post. We show this denial is a lie. Throughout Foroughi's blog post, he references CTO Shikin's analysis. We show that Shikin's explanation of how identifiers data are used and how APP creates and uses personal identifiers is misleading—a lie of omission.",
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      "kind": "paragraph",
      "text": "Muddy Waters is short AppLovin (APP). APP's CEO and CTO responded to our initial report (dated Match 27, 2025) with demonstrably false statements. In contrast to its CEO and CTO's claims, APP continues to use persistent identifiers that violate users' privacy and partner platforms' terms of service.",
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      "kind": "paragraph",
      "text": "This presentation introduces the video which provides new evidence, data, and visualizations that clearly demonstrate the existence and use of persistent identifiers to build Persistent Identify Graphs (PIGs) and retarget ads to mobile game users. In the video, the PRR technical expert explains in detail how Shikin's response misleads, how the persistent identity graphs are created, how these persistent identifiers interact with APP's tech stack and are called on in the ad auction (mediation) processes, and that they cross domains and applications.",
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      "kind": "paragraph",
      "text": "Included at the end of this presentation is a link to a video by a third-party investigations firm, Permanent Record Research Inc. (PRR), which we engaged to verify our thesis and assist with this project's research.",
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      "kind": "quote",
      "text": "CEO Foroughi denied that APP creates or uses persistent identifiers in his March 31, 2025 blog post. — Adam Foroughi",
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      "kind": "source-note",
      "text": "1 APP CEO Adam Foroughi, March 31, 2025: Performance Advertising: How we drive value and handle data, https://www.applovin.com/blog/how-we-drive-value-and-handle-data/\n2 APP CTO Basil Shirkin, March 31, 2025: Performance Advertising: Examination of e-commerce data practices, https://www.applovin.com/blog/examination-of-e-commerce-data-practices/",
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      "kind": "title",
      "text": "APP's Persistent Lies, Denying Use of Persistent IDs",
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