This post is part of AppLovin Nonconsensual Installs.
In January 2025, I was engaged by an investment firm that was skeptical of AppLovin. They asked me to investigate a range of concerns, including installation practices. That engagement continued until June 2025. My agreement with that firm disallows me from revealing its name, but allows me to share all information I figured out from public sources. Since then, I have had no paid relationship with that firm—or any other investment firm—regarding AppLovin.
As part of my research for this post, I spoke with a range of experts concerned about AppLovin’s practices, including security researchers, journalists, industry analysts, attorneys, and competing adtech firms. No money changed hands in any of these discussions. As my post indicates, my primary methodology was forensic: I reviewed AppLovin source code and tested the product first-hand, plus examined user complaints.
From my extended analysis, I became convinced that AppLovin engaged in serious misconduct. The accompanying report details the methods and evidence supporting this conclusion.
Consistent with my practice whenever contractually permitted, I am releasing this report publicly for anyone to use. To the best of my knowledge, the information herein is accurate and based on sources and methods I consider reliable. Nonetheless, all content is provided strictly “as is,” without any warranty—express or implied. I make no representations as to the accuracy, timeliness, completeness, or likely results of using this information. My research necessarily contains inferences, estimates, and opinions which may prove inaccurate and are subject to risks and uncertainties beyond my control.
This report is not investment advice. I make no representation or warranty regarding its completeness or the future performance of AppLovin’s securities. Readers must conduct their own research and due diligence, including consulting with financial advisors, before making investment decisions.
I hold a financial interest in which I profit if AppLovin’s stock price declines. I opened this financial interest after completing research, based on my serious concern at what I found. I may change, reduce, or close this position at any time, without notice. I do not undertake to update this report to reflect changes in my views or positions. However, if I conclude that I am mistaken about AppLovin’s technology, I will correct the record publicly.