{
  "docId": "019dd923-622c-750b-8b97-b61650b69e06",
  "docSlug": "6c16913ce6b9",
  "documentTitle": "AppLovin (APP)",
  "authorId": "51_Muddy_Waters",
  "authorName": "Muddy Waters Research",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2025-05-07 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.7777778,
  "pageNumber": 4,
  "pageCount": 16,
  "prevPage": 3,
  "nextPage": 5,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 0,
  "notes": "Includes a screenshot of the CEO's statement as evidence of the contradiction.",
  "elementsJson": [
    "headline_text",
    "paragraph",
    "screenshot",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b97-b61650b69e06/4",
  "deckHref": "/decks/019dd923-622c-750b-8b97-b61650b69e06",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b97-b61650b69e06.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-b61650b69e06#slide-4",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "When they opt out, we don't create alternative accurate and persistent identifiers, typically called device fingerprints.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-0936-7173-ab17-6ef6ef35d42a",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.35,
        "w": 0.72,
        "x": 0.24,
        "y": 0.55
      },
      "kind": "image",
      "text": "Below: Foroughi denies APP creates or uses persistent identity trackers – i.e. fingerprinting. How it works in our world. Data powers modern advertising, but it's also where questions arise. Let's unpack how we handle it across apps and websites. Apple's App Tracking Transparency (ATT) reshaped in-app advertising. Users can choose to share IDFA for cross-app tracking — or not. When they opt out, we don't create alternative accurate and persistent identifiers, typically called device fingerprints.",
      "attrs": null,
      "subkind": "screenshot",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "893a9569-5abb-4701-af62-aef85cf877b5",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.1,
        "w": 0.94,
        "x": 0.03,
        "y": 0.42
      },
      "kind": "paragraph",
      "text": "This presentation and the accompanying video show records of web and application traffic that prove these claims to be utterly false. We show that persistent identifiers are created, disguised, and applied to track users across domains and applications.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "1fb7a4ce-8bcc-43fa-94d9-273b3c7799ea",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.94,
        "x": 0.03,
        "y": 0.25
      },
      "kind": "paragraph",
      "text": "On March 31, Foroughi denied that APP creates or uses persistent identity graphs (PIGs) for users who decline IDFA cross-application tracking. On May 1, APP re-upped Foroughi's lie by recycling his March 31 post in a newsletter to stakeholders entitled \"Directly From Our CEO: Maximizing Value & Ensuring Data Safety.\"",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "f93da9eb-ad4e-4cd7-9051-39b30dc8af28",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "quote",
      "text": "When they opt out, we don't create alternative accurate and persistent identifiers, typically called device fingerprints. — Adam Foroughi, AppLovin CEO",
      "attrs": null,
      "subkind": null,
      "toolName": "Authority citation",
      "toolSlug": "authority-citation",
      "confidence": null,
      "componentId": "019dd953-0936-7173-ab17-728cc1af3460",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.8,
        "x": 0.03,
        "y": 0.9
      },
      "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/",
      "attrs": {
        "numbered": true
      },
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "2b142fcc-86da-4e8b-8a2e-c3a2bbda47aa",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.8,
        "x": 0.03,
        "y": 0.07
      },
      "kind": "title",
      "text": "CEO's Bald-Faced Lie About Its Creation of Persistent Identifiers Which Violate User Privacy",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "1cea279a-46d9-42e5-915b-4424c0a0ed48",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "ceo-quote-contradiction",
      "slug": null,
      "matchId": "b9b66243-6c64-486d-a455-e507c4945614",
      "evidence": "Contrasting CEO statement with technical evidence of tracking",
      "confidence": 1
    }
  ],
  "arcBeats": [
    {
      "to": 6,
      "from": 3,
      "beatId": "9ef0ae93-3845-4697-b1cd-64d5dc3f66c1",
      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "The Monster",
      "beatSlug": "overcoming-monster-the-monster",
      "evidence": "Slides 3-6 expose contradictions in AppLovin's statements about persistent identifiers.",
      "position": 0,
      "confidence": 0.8,
      "parentBeatName": "Hook",
      "parentBeatSlug": "hook"
    }
  ],
  "loops": [
    {
      "to": 6,
      "from": 3,
      "name": "The Reveal",
      "slug": "05-the-reveal",
      "bestFor": "Product launches, strategic pivots, unexpected findings",
      "matchId": "8ebcef1c-35aa-4fbf-b1f6-da10bd167aab",
      "evidence": "Slides 3-6 present evidence of contradictions in AppLovin's statements.",
      "position": 0,
      "objective": "Expose AppLovin's alleged wrongdoing",
      "structure": "Setup the Question -> Build Suspense -> The Big Reveal",
      "confidence": 0.7,
      "description": "Build mystery and anticipation, then deliver a surprising or powerful conclusion"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}