[Form 4] AppLovin Corp Insider Trading Activity

Rhea-AI Filing Summary

AppLovin Corp (APP) disclosed insider share activity by its CEO and Chairperson, who is also a director and 10% owner. On 11/20/2025, 9,129 Class A shares were withheld to cover income tax obligations related to vesting of previously reported RSUs, leaving 2,601,161 Class A shares held directly. The same day, a series of open-market sales of Class A shares were made at weighted average prices generally between about $519.91 and $552.14.

After these trades, an additional 3,011,599 Class A shares were reported as indirectly owned through The JAF Children's Trust for the benefit of the reporting person’s children, for which beneficial ownership is disclaimed. The filing is identified as Form 1 of 4, indicating these transactions are part of a larger set of related reports.

Insights

Equity Ownership Analyst

Large insider is recording tax withholding and small trust sales; core direct stake remains high, so structural impact appears limited.

The filing shows the CEO/Chair and 10% owner of AppLovin Corp reporting two types of activity on 11/20/2025. First, 9,129 Class A shares were withheld by the issuer at about $520.82 to cover income tax obligations tied to vesting of previously granted RSUs, a non-cash, administrative event. After this, the reporting person directly holds 2,601,161 Class A shares.

The remaining lines detail a series of open-market sales (code "S") by a children’s trust, across many small trades between roughly $519.91 and $552.14. These transactions reduced the trust’s indirect holdings from 3,029,253 to 3,011,599 shares, a modest decrease relative to its size. The filer explicitly disclaims beneficial ownership of the trust shares, which frames these as primarily estate or family holdings rather than core personal stake.

The disclosure matters because it confirms continued very large overall ownership while documenting incremental selling at the trust level and routine tax share withholding. The weighted-average price ranges and willingness to provide trade-by-trade detail give transparency but do not, on their own, signal any change in company operations or strategy. A practical item to watch is future Forms 4 around RSU vesting or additional trust activity over the coming quarters to see if this pattern of small, gradual reductions continues.

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		F		9,129(1)	D	$520.82	2,601,161(2)	D
Class A Common Stock	11/20/2025		S		1,264	D	$520.43(3)	3,029,253	I	See footnote(4)
Class A Common Stock	11/20/2025		S		881	D	$521.39(5)	3,028,372	I	See footnote(4)
Class A Common Stock	11/20/2025		S		1,160	D	$522.21(6)	3,027,212	I	See footnote(4)
Class A Common Stock	11/20/2025		S		400	D	$523.3(7)	3,026,812	I	See footnote(4)
Class A Common Stock	11/20/2025		S		120	D	$525.08(8)	3,026,692	I	See footnote(4)
Class A Common Stock	11/20/2025		S		335	D	$526.36(9)	3,026,357	I	See footnote(4)
Class A Common Stock	11/20/2025		S		920	D	$527.63(10)	3,025,437	I	See footnote(4)
Class A Common Stock	11/20/2025		S		1,904	D	$528.62(11)	3,023,533	I	See footnote(4)
Class A Common Stock	11/20/2025		S		1,485	D	$529.69(12)	3,022,048	I	See footnote(4)
Class A Common Stock	11/20/2025		S		1,491	D	$530.76(13)	3,020,557	I	See footnote(4)
Class A Common Stock	11/20/2025		S		1,281	D	$531.67(14)	3,019,276	I	See footnote(4)
Class A Common Stock	11/20/2025		S		960	D	$532.75(15)	3,018,316	I	See footnote(4)
Class A Common Stock	11/20/2025		S		640	D	$533.8(16)	3,017,676	I	See footnote(4)
Class A Common Stock	11/20/2025		S		440	D	$534.76(17)	3,017,236	I	See footnote(4)
Class A Common Stock	11/20/2025		S		360	D	$535.85(18)	3,016,876	I	See footnote(4)
Class A Common Stock	11/20/2025		S		200	D	$536.83(19)	3,016,676	I	See footnote(4)
Class A Common Stock	11/20/2025		S		400	D	$538.23(20)	3,016,276	I	See footnote(4)
Class A Common Stock	11/20/2025		S		457	D	$539.37(21)	3,015,819	I	See footnote(4)
Class A Common Stock	11/20/2025		S		522	D	$540.41(22)	3,015,297	I	See footnote(4)
Class A Common Stock	11/20/2025		S		520	D	$541.37(23)	3,014,777	I	See footnote(4)
Class A Common Stock	11/20/2025		S		573	D	$542.61(24)	3,014,204	I	See footnote(4)
Class A Common Stock	11/20/2025		S		280	D	$543.82(25)	3,013,924	I	See footnote(4)
Class A Common Stock	11/20/2025		S		280	D	$544.89(26)	3,013,644	I	See footnote(4)
Class A Common Stock	11/20/2025		S		280	D	$546.19(27)	3,013,364	I	See footnote(4)
Class A Common Stock	11/20/2025		S		320	D	$547.19(28)	3,013,044	I	See footnote(4)
Class A Common Stock	11/20/2025		S		320	D	$548.3(29)	3,012,724	I	See footnote(4)
Class A Common Stock	11/20/2025		S		40	D	$548.9	3,012,684	I	See footnote(4)
Class A Common Stock	11/20/2025		S		280	D	$550.6(30)	3,012,404	I	See footnote(4)
Class A Common Stock	11/20/2025		S		805	D	$551.73(31)	3,011,599	I	See footnote(4)

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. This transaction is not a sale of shares by the Reporting Person. Instead, this represents shares that have been withheld by the Issuer to satisfy its income tax and withholding and remittance obligations in connection with the vesting and net settlement of previously reported Restricted Stock Units ("RSUs").

2. Certain of these securities are represented by RSUs.

3. The sales were executed in multiple trades at prices ranging from $519.91 to $520.78. 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. 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.

5. The sales were executed in multiple trades at prices ranging from $520.94 to $521.79. 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 $521.96 to $522.61. 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 $522.96 to $523.89. 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 $524.98 to $525.13. 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 $526.07 to $526.87. 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 $527.11 to $528.09. 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.

11. The sales were executed in multiple trades at prices ranging from $528.18 to $529.10. 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 $529.18 to $530.12. 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. The sales were executed in multiple trades at prices ranging from $530.18 to $531.15. 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.

14. The sales were executed in multiple trades at prices ranging from $531.215 to $532.21. 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.

15. The sales were executed in multiple trades at prices ranging from $532.22 to $533.21. 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.

16. The sales were executed in multiple trades at prices ranging from $533.26 to $534.25. 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.

17. The sales were executed in multiple trades at prices ranging from $534.28 to $535.20. 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 $535.38 to $536.32. 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 $536.46 to $537.35. 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 $537.87 to $538.73. 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 $538.91 to $539.73. 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 $539.92 to $540.88. 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 $541.02 to $541.82. 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 $542.06 to $543.04. 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.

25. The sales were executed in multiple trades at prices ranging from $543.35 to $544.08. 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.

26. The sales were executed in multiple trades at prices ranging from $544.64 to $545.40. 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 $545.72 to $546.67. 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 $546.79 to $547.77. 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 $547.85 to $548.72. 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 $550.14 to $550.93. 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 $551.16 to $552.14. 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.

Remarks:

Form 1 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 activity did AppLovin (APP) report on this Form 4?

The Form 4 reports that AppLovin's CEO, who is also Chairperson, director and a 10% owner, had shares withheld for taxes on RSU vesting and executed multiple open-market sales of Class A common stock on 11/20/2025.

How many AppLovin (APP) shares were withheld for taxes in this filing?

The filing states that 9,129 Class A common shares were withheld by AppLovin to satisfy income tax and withholding obligations related to vesting and net settlement of previously reported RSUs.

What is the CEO’s direct AppLovin (APP) share ownership after these transactions?

After the reported tax withholding transaction, the CEO beneficially owns 2,601,161 Class A common shares directly.

What indirect AppLovin (APP) holdings are reported through The JAF Children's Trust?

Following the reported sales, 3,011,599 Class A common shares are indirectly held through The JAF Children's Trust for the benefit of the reporting person’s children, and the reporting person disclaims beneficial ownership of these shares.

At what prices were the AppLovin (APP) insider stock sales executed?

The sales on 11/20/2025 were executed in multiple trades with weighted average prices reported for each line, with price ranges generally between about $519.91 and $552.14, as detailed in the footnotes.

Does this AppLovin (APP) Form 4 involve options or other derivative securities?

The section for derivative securities is included in the form, but no specific derivative transactions are listed in the provided excerpt.