[Form 4] AppLovin Corp Insider Trading Activity

Rhea-AI Filing Summary

AppLovin Corp (APP) disclosed that its CEO, Chairperson and 10% owner reported multiple open‑market sales of Class A common stock on November 20–21, 2025. Individual trades included sales such as 1,041 shares at $552.82 and 2,224 shares at $510.77, with prices generally ranging from the low $490s to the mid $560s per share. After these transactions, 3,003,017 shares were beneficially owned indirectly and 2,584,049 shares were held directly, with a portion of these securities represented by restricted stock units.

Certain shares are held by The JAF Children's Trust for the benefit of the reporting person’s children, and the report states that beneficial ownership of those trust shares is disclaimed.

Insights

Equity Ownership and Governance Analyst

CEO/Chair and 10% owner executed significant open-market sales of Class A shares over two days, modestly reducing reported holdings.

The filing discloses multiple open-market "S" transactions in **AppLovin Corp Class A Common Stock** on 11/20/2025 and 11/21/2025. The reporting person is a **Director, CEO, Chairperson, and 10% owner**, so changes in holdings reflect moves by a major insider. The sales span many small trades across defined price ranges, with weighted-average prices between roughly $490 and $562, and no derivative transactions reported in Table II.

A portion of the sold shares was held indirectly through **The JAF Children's Trust**, which benefits the reporting person’s children; the person expressly disclaims beneficial ownership of those trust shares. After the trust sales on 11/20/2025, the trust still holds **3,003,017–3,003,457** Class A shares indirectly attributed in Table I. The 11/21/2025 transactions reduce directly held Class A shares to **2,584,049**, with a note that some of these are represented by RSUs, which are stock-based awards that settle in shares.

The key practical takeaway is a measurable, though not extreme, reduction in both indirect and direct Class A holdings by a major insider over a short window. The detailed price ranges and the offer to provide full trade breakdowns suggest these are structured sales rather than a single block. The most concrete elements to track over time are whether additional Forms 4 (2 of 4 is noted) show continued selling and how the reported direct and indirect share counts evolve in subsequent filings.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Foroughi Arash Adam

(Last) (First) (Middle)

1100 PAGE MILL ROAD

(Street)

PALO ALTO CA 94304

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
AppLovin Corp [ APP ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director	X	10% Owner
X	Officer (give title below)		Other (specify below)
	CEO & Chairperson

3. Date of Earliest Transaction (Month/Day/Year)
11/20/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Class A Common Stock	11/20/2025		S		1,041	D	$552.82(1)	3,010,558	I	See footnote(2)
Class A Common Stock	11/20/2025		S		1,521	D	$553.64(3)	3,009,037	I	See footnote(2)
Class A Common Stock	11/20/2025		S		1,019	D	$554.67(4)	3,008,018	I	See footnote(2)
Class A Common Stock	11/20/2025		S		921	D	$555.57(5)	3,007,097	I	See footnote(2)
Class A Common Stock	11/20/2025		S		640	D	$556.82(6)	3,006,457	I	See footnote(2)
Class A Common Stock	11/20/2025		S		920	D	$558.1(7)	3,005,537	I	See footnote(2)
Class A Common Stock	11/20/2025		S		680	D	$558.87(8)	3,004,857	I	See footnote(2)
Class A Common Stock	11/20/2025		S		640	D	$559.95(9)	3,004,217	I	See footnote(2)
Class A Common Stock	11/20/2025		S		760	D	$561.13(10)	3,003,457	I	See footnote(2)
Class A Common Stock	11/20/2025		S		440	D	$561.89(11)	3,003,017	I	See footnote(2)
Class A Common Stock	11/21/2025		S		480	D	$490.63(12)	2,600,681(13)	D
Class A Common Stock	11/21/2025		S		560	D	$492.1(14)	2,600,121(13)	D
Class A Common Stock	11/21/2025		S		360	D	$492.7(15)	2,599,761(13)	D
Class A Common Stock	11/21/2025		S		280	D	$493.84(16)	2,599,481(13)	D
Class A Common Stock	11/21/2025		S		1,120	D	$494.97(17)	2,598,361(13)	D
Class A Common Stock	11/21/2025		S		640	D	$495.78(18)	2,597,721(13)	D
Class A Common Stock	11/21/2025		S		1,020	D	$496.93(19)	2,596,701(13)	D
Class A Common Stock	11/21/2025		S		1,287	D	$498.13(20)	2,595,414(13)	D
Class A Common Stock	11/21/2025		S		600	D	$499.27(21)	2,594,814(13)	D
Class A Common Stock	11/21/2025		S		1,003	D	$500.15(22)	2,593,811(13)	D
Class A Common Stock	11/21/2025		S		671	D	$501.18(23)	2,593,140(13)	D
Class A Common Stock	11/21/2025		S		544	D	$502.41(24)	2,592,596(13)	D
Class A Common Stock	11/21/2025		S		560	D	$503.09(25)	2,592,036(13)	D
Class A Common Stock	11/21/2025		S		840	D	$504.47(26)	2,591,196(13)	D
Class A Common Stock	11/21/2025		S		760	D	$505.57(27)	2,590,436(13)	D
Class A Common Stock	11/21/2025		S		1,040	D	$506.48(28)	2,589,396(13)	D
Class A Common Stock	11/21/2025		S		720	D	$507.36(29)	2,588,676(13)	D
Class A Common Stock	11/21/2025		S		880	D	$508.49(30)	2,587,796(13)	D
Class A Common Stock	11/21/2025		S		1,523	D	$509.63(31)	2,586,273(13)	D
Class A Common Stock	11/21/2025		S		2,224	D	$510.77(32)	2,584,049(13)	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. The sales were executed in multiple trades at prices ranging from $552.19 to $553.14. The price reported reflects the weighted average sale price. The Reporting Person undertakes to provide upon request by the staff of the Securities and Exchange Commission, the Issuer, or a security holder of the Issuer, full information regarding the number of shares sold at each separate sale price.

2. Shares are held by The JAF Children's Trust for the benefit of the Reporting Person's children. The Reporting Person disclaims beneficial ownership of these shares, and the filing of this report is not an admission that the Reporting Person is the beneficial owner of these shares for purposes of Section 16 or for any other purpose.

3. The sales were executed in multiple trades at prices ranging from $553.20 to $554.19. The price reported reflects the weighted average sale price. The Reporting Person undertakes to provide upon request by the staff of the Securities and Exchange Commission, the Issuer, or a security holder of the Issuer, full information regarding the number of shares sold at each separate sale price.

4. The sales were executed in multiple trades at prices ranging from $554.20 to $555.19. The price reported reflects the weighted average sale price. The Reporting Person undertakes to provide upon request by the staff of the Securities and Exchange Commission, the Issuer, or a security holder of the Issuer, full information regarding the number of shares sold at each separate sale price.

5. The sales were executed in multiple trades at prices ranging from $555.20 to $556.18. The price reported reflects the weighted average sale price. The Reporting Person undertakes to provide upon request by the staff of the Securities and Exchange Commission, the Issuer, or a security holder of the Issuer, full information regarding the number of shares sold at each separate sale price.

6. The sales were executed in multiple trades at prices ranging from $556.27 to $557.21. The price reported reflects the weighted average sale price. The Reporting Person undertakes to provide upon request by the staff of the Securities and Exchange Commission, the Issuer, or a security holder of the Issuer, full information regarding the number of shares sold at each separate sale price.

7. The sales were executed in multiple trades at prices ranging from $557.47 to $558.43. The price reported reflects the weighted average sale price. The Reporting Person undertakes to provide upon request by the staff of the Securities and Exchange Commission, the Issuer, or a security holder of the Issuer, full information regarding the number of shares sold at each separate sale price.

8. The sales were executed in multiple trades at prices ranging from $558.50 to $559.285. The price reported reflects the weighted average sale price. The Reporting Person undertakes to provide upon request by the staff of the Securities and Exchange Commission, the Issuer, or a security holder of the Issuer, full information regarding the number of shares sold at each separate sale price.

9. The sales were executed in multiple trades at prices ranging from $559.57 to $560.46. The price reported reflects the weighted average sale price. The Reporting Person undertakes to provide upon request by the staff of the Securities and Exchange Commission, the Issuer, or a security holder of the Issuer, full information regarding the number of shares sold at each separate sale price.

10. The sales were executed in multiple trades at prices ranging from $560.62 to $561.59. The price reported reflects the weighted average sale price. The Reporting Person undertakes to provide upon request by the staff of the Securities and Exchange Commission, the Issuer, or a security holder of the Issuer, full information regarding the number of shares sold at each separate sale price.

11. The sales were executed in multiple trades at prices ranging from $561.68 to $562.46. The price reported reflects the weighted average sale price. The Reporting Person undertakes to provide upon request by the staff of the Securities and Exchange Commission, the Issuer, or a security holder of the Issuer, full information regarding the number of shares sold at each separate sale price.

12. The sales were executed in multiple trades at prices ranging from $490.22 to $491.09. The price reported reflects the weighted average sale price. The Reporting Person undertakes to provide upon request by the staff of the Securities and Exchange Commission, the Issuer, or a security holder of the Issuer, full information regarding the number of shares sold at each separate sale price.

13. Certain of these securities are represented by Restricted Stock Units ("RSUs").

14. The sales were executed in multiple trades at prices ranging from $491.32 to $492.31. The price reported reflects the weighted average sale price. The Reporting Person undertakes to provide upon request by the staff of the Securities and Exchange Commission, the Issuer, or a security holder of the Issuer, full information regarding the number of shares sold at each separate sale price.

15. The sales were executed in multiple trades at prices ranging from $492.33 to $493.04. The price reported reflects the weighted average sale price. The Reporting Person undertakes to provide upon request by the staff of the Securities and Exchange Commission, the Issuer, or a security holder of the Issuer, full information regarding the number of shares sold at each separate sale price.

16. The sales were executed in multiple trades at prices ranging from $493.37 to $494.31. The price reported reflects the weighted average sale price. The Reporting Person undertakes to provide upon request by the staff of the Securities and Exchange Commission, the Issuer, or a security holder of the Issuer, full information regarding the number of shares sold at each separate sale price.

17. The sales were executed in multiple trades at prices ranging from $494.43 to $495.36. The price reported reflects the weighted average sale price. The Reporting Person undertakes to provide upon request by the staff of the Securities and Exchange Commission, the Issuer, or a security holder of the Issuer, full information regarding the number of shares sold at each separate sale price.

18. The sales were executed in multiple trades at prices ranging from $495.44 to $496.41. The price reported reflects the weighted average sale price. The Reporting Person undertakes to provide upon request by the staff of the Securities and Exchange Commission, the Issuer, or a security holder of the Issuer, full information regarding the number of shares sold at each separate sale price.

19. The sales were executed in multiple trades at prices ranging from $496.46 to $497.42. The price reported reflects the weighted average sale price. The Reporting Person undertakes to provide upon request by the staff of the Securities and Exchange Commission, the Issuer, or a security holder of the Issuer, full information regarding the number of shares sold at each separate sale price.

20. The sales were executed in multiple trades at prices ranging from $497.67 to $498.64. The price reported reflects the weighted average sale price. The Reporting Person undertakes to provide upon request by the staff of the Securities and Exchange Commission, the Issuer, or a security holder of the Issuer, full information regarding the number of shares sold at each separate sale price.

21. The sales were executed in multiple trades at prices ranging from $498.74 to $499.69. The price reported reflects the weighted average sale price. The Reporting Person undertakes to provide upon request by the staff of the Securities and Exchange Commission, the Issuer, or a security holder of the Issuer, full information regarding the number of shares sold at each separate sale price.

22. The sales were executed in multiple trades at prices ranging from $499.75 to $500.70. The price reported reflects the weighted average sale price. The Reporting Person undertakes to provide upon request by the staff of the Securities and Exchange Commission, the Issuer, or a security holder of the Issuer, full information regarding the number of shares sold at each separate sale price.

23. The sales were executed in multiple trades at prices ranging from $500.80 to $501.58. The price reported reflects the weighted average sale price. The Reporting Person undertakes to provide upon request by the staff of the Securities and Exchange Commission, the Issuer, or a security holder of the Issuer, full information regarding the number of shares sold at each separate sale price.

24. The sales were executed in multiple trades at prices ranging from $501.81 to $502.71. The price reported reflects the weighted average sale price. The Reporting Person undertakes to provide upon request by the staff of the Securities and Exchange Commission, the Issuer, or a security holder of the Issuer, full information regarding the number of shares sold at each separate sale price.

25. The sales were executed in multiple trades at prices ranging from $502.83 to $503.25. The price reported reflects the weighted average sale price. The Reporting Person undertakes to provide upon request by the staff of the Securities and Exchange Commission, the Issuer, or a security holder of the Issuer, full information regarding the number of shares sold at each separate sale price.

26. The sales were executed in multiple trades at prices ranging from $503.92 to $504.91. The price reported reflects the weighted average sale price. The Reporting Person undertakes to provide upon request by the staff of the Securities and Exchange Commission, the Issuer, or a security holder of the Issuer, full information regarding the number of shares sold at each separate sale price.

27. The sales were executed in multiple trades at prices ranging from $505.11 to $506.08. The price reported reflects the weighted average sale price. The Reporting Person undertakes to provide upon request by the staff of the Securities and Exchange Commission, the Issuer, or a security holder of the Issuer, full information regarding the number of shares sold at each separate sale price.

28. The sales were executed in multiple trades at prices ranging from $506.13 to $507.09. The price reported reflects the weighted average sale price. The Reporting Person undertakes to provide upon request by the staff of the Securities and Exchange Commission, the Issuer, or a security holder of the Issuer, full information regarding the number of shares sold at each separate sale price.

29. The sales were executed in multiple trades at prices ranging from $507.16 to $507.99. The price reported reflects the weighted average sale price. The Reporting Person undertakes to provide upon request by the staff of the Securities and Exchange Commission, the Issuer, or a security holder of the Issuer, full information regarding the number of shares sold at each separate sale price.

30. The sales were executed in multiple trades at prices ranging from $508.19 to $509.18. The price reported reflects the weighted average sale price. The Reporting Person undertakes to provide upon request by the staff of the Securities and Exchange Commission, the Issuer, or a security holder of the Issuer, full information regarding the number of shares sold at each separate sale price.

31. The sales were executed in multiple trades at prices ranging from $509.20 to $510.18. The price reported reflects the weighted average sale price. The Reporting Person undertakes to provide upon request by the staff of the Securities and Exchange Commission, the Issuer, or a security holder of the Issuer, full information regarding the number of shares sold at each separate sale price.

32. The sales were executed in multiple trades at prices ranging from $510.23 to $511.22. The price reported reflects the weighted average sale price. The Reporting Person undertakes to provide upon request by the staff of the Securities and Exchange Commission, the Issuer, or a security holder of the Issuer, full information regarding the number of shares sold at each separate sale price.

Remarks:

Form 2 of 4

	/s/ Victoria Valenzuela, Attorney-in-fact	11/24/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What insider transaction did AppLovin (APP) report in this Form 4?

The filing reports that the CEO, who is also Chairperson and a 10% owner, executed multiple open‑market sales of Class A common stock on November 20 and 21, 2025 at various prices.

At what prices did the AppLovin (APP) CEO sell shares?

Reported weighted average sale prices include trades such as $552.82 on November 20, 2025 and prices ranging from $490.22 to $511.22 on November 21, 2025, as described in the footnotes.

How many AppLovin (APP) shares does the reporting person own after these sales?

Following the reported transactions, the filing shows 3,003,017 shares beneficially owned indirectly and 2,584,049 shares held directly, with some of these represented by RSUs.

What does the Form 4 say about The JAF Children's Trust and APP shares?

The filing states that certain shares are held by The JAF Children's Trust for the benefit of the reporting person’s children and that the reporting person disclaims beneficial ownership of those shares.

Are restricted stock units (RSUs) included in the AppLovin (APP) share totals?

Yes. A footnote explains that certain of the reported securities are represented by Restricted Stock Units ("RSUs"), meaning some of the direct holdings consist of RSUs.

Were the AppLovin (APP) sales executed in single trades or multiple trades?

The filing explains that each line of sales was executed in multiple trades within stated price ranges, and the prices shown are weighted average sale prices for those trades.

Can investors get the exact trade breakdown for these AppLovin (APP) insider sales?

Yes. The reporting person undertakes to provide, upon request to the SEC staff, the issuer or a security holder, full information on the number of shares sold at each separate sale price.