AppLovin stocks overturn 13% as quick dealers query its centerpiece AXON advert device

Stocks of AppLovin tumbled 13% Wednesday as two short-seller stories forged dubiousness at the integrity of the corporate’s AI-powered AXON promoting device that helped pressure the tech immense to develop into the top-performing tech keep of 2024.

Snip vendor Fuzzy Panda alleged that the AXON fashion used to be “the nexus of a House of Cards” constructed on fraudulent promoting ways.

“We believe AppLovin has pulled every trick in the book,” the put up mentioned. “We’ve been advised they’re stealing information from Meta in their e-commerce push. We also discovered AppLovin exploiting consumers and their data in ways which are clear violations of Google and Apple’s app pack insurance policies.”

The stories from Fuzzy Panda and Culper Research come following a stellar fourth-quarter income beat in February that stored Wall Side road feeling bullish on AppLovin. CEO Adam Foroughi introduced the corporate would spin off its cell gaming areas and proceed increasing the AXON fashion to alternative e-commerce sectors, like fitness lend a hand, automobile and extra. AppLovin’s promoting earnings climbed 73% within the quarter to succeed in nearly $1 billion. 

It wasn’t cloudless if Fuzzy Panda and Culper Analysis have been nonetheless quick on AppLovin on the presen of newsletter, and neither company in an instant answered to a request for additional remark.

AppLovin didn’t in an instant reply to a request for remark.

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