Applovin (APP) Insider Sales: CEO Disposes Multiple Lots on 08/20/2025

Q: When were the transactions executed and when was the Form 4 signed?

Transactions were executed on 08/20/2025 and the Form 4 was signed by an attorney-in-fact on 08/22/2025.

Filing Impact

(Very High)

Filing Sentiment

(Negative)

Form Type

Rhea-AI Filing Summary

Applovin Corp (APP) insider Form 4: Arash Foroughi, listed as CEO, Chairperson and a 10% owner, reported numerous sales of Class A common stock executed on 08/20/2025. The filing lists many separate dispositions at weighted-average prices in the ~$393–$412 range, with individual sale lots reducing various reported holdings to lower balances and in one line to zero. Several large blocks remain held indirectly in entities and trusts for the benefit of the reporting persons children, with disclaimers that the reporting person disclaims beneficial ownership of those trust/LLC-held shares. The report was signed by an attorney-in-fact on 08/22/2025.

Positive

None.

Negative

Multiple sizable insider sales by the CEO/Chair on 08/20/2025 across many lots at prices ranging roughly $393–$412 per share
Concentrated selling on a single date by a principal executive may be viewed as material by investors and could affect market perception
Disclaimers of beneficial ownership indicate substantial shares are held indirectly in trusts/LLCs for the reporting persons children, creating complexity in assessing true ownership changes

Insights

TL;DR: Significant insider selling by the CEO/Chair across many lots on a single date; remaining shares largely held indirectly in trusts/LLCs.

The Form 4 documents extensive, contemporaneous sales by Arash Foroughi on 08/20/2025 across numerous transactions with weighted-average prices reported between approximately $393 and $412 per share. The filing discloses indirect holdings in WNF 2020 LLC, The JAF Children's Trust and The OD Trust, with explicit disclaimers of beneficial ownership for those trust/LLC shares. From a governance perspective, clustered insider sales by a principal executive on a single date can be material to investor perceptions of insider sentiment; the filing however does not provide any explanation of the purpose of the sales beyond pricing ranges and standard disclaimers.

TL;DR: Large-volume insider disposals recorded; many shares remain indirectly held for beneficiaries, limiting clarity on ultimate ownership change.

Details show many small-to-medium lots sold that cumulatively reduce directly reported balances in multiple lines, while substantial blocks remain reported as held indirectly in trusts and an LLC for beneficiaries. The report supplies weighted-average price ranges and offers to provide trade-level breakdowns on request, which aids transparency. The transactions are disclosed in compliance with Section 16 reporting requirements, allowing investors and compliance teams to reconcile insider activity against position changes.

Insider Trade Summary

Net Seller: 9,706 shares ($3,946,196)

Net Sell 30 txns

Insider Foroughi Arash Adam

Role CEO & Chairperson

Sold 9,706 shs ($3.95M)

Type	Security	Shares	Price	Value
Sale	Class A Common Stock	391	$393.48	$154K
Sale	Class A Common Stock	157	$395.27	$62K
Sale	Class A Common Stock	100	$396.21	$40K
Sale	Class A Common Stock	290	$398.83	$116K
Sale	Class A Common Stock	200	$400.52	$80K
Sale	Class A Common Stock	300	$401.55	$120K
Sale	Class A Common Stock	300	$402.84	$121K
Sale	Class A Common Stock	313	$403.92	$126K
Sale	Class A Common Stock	1,022	$405.86	$415K
Sale	Class A Common Stock	1,432	$406.87	$583K
Sale	Class A Common Stock	1,300	$407.75	$530K
Sale	Class A Common Stock	621	$409.04	$254K
Sale	Class A Common Stock	400	$410.48	$164K
Sale	Class A Common Stock	900	$411.57	$370K
Sale	Class A Common Stock	1,187	$412.24	$489K
Sale	Class A Common Stock	22	$393.38	$9K
Sale	Class A Common Stock	22	$396.45	$9K
Sale	Class A Common Stock	44	$401.13	$18K
Sale	Class A Common Stock	88	$405.86	$36K
Sale	Class A Common Stock	92	$406.82	$37K
Sale	Class A Common Stock	44	$407.80	$18K
Sale	Class A Common Stock	22	$409.39	$9K
Sale	Class A Common Stock	66	$410.98	$27K
Sale	Class A Common Stock	51	$412.21	$21K
Sale	Class A Common Stock	22	$393.56	$9K
Sale	Class A Common Stock	22	$396.42	$9K
Sale	Class A Common Stock	44	$401.09	$18K
Sale	Class A Common Stock	110	$406.24	$45K
Sale	Class A Common Stock	99	$407.39	$40K
Sale	Class A Common Stock	45	$408.82	$18K

Holdings After Transaction: Class A Common Stock — 8,522 shares (Indirect, See footnote)

Footnotes (1)

The sales were executed in multiple trades at prices ranging from $393.02 to $393.89. 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. The sales were executed in multiple trades at prices ranging from $406.34 to $407.29. 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. The sales were executed in multiple trades at prices ranging from $407.37 to $408.12. 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. The sales were executed in multiple trades at prices ranging from $408.55 to $409.44. 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. The sales were executed in multiple trades at prices ranging from $410.03 to $410.74. 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. The sales were executed in multiple trades at prices ranging from $411.06 to $411.97. 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. The sales were executed in multiple trades at prices ranging from $412.09 to $412.72. 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. 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. The sales were executed in multiple trades at prices ranging from $401.10 to $401.16. 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. The sales were executed in multiple trades at prices ranging from $405.32 to $406.20. 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. The sales were executed in multiple trades at prices ranging from $406.33 to $407.20. 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. Shares are held by WNF 2020 LLC 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. The sales were executed in multiple trades at prices ranging from $407.68 to $407.92. 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. The sales were executed in multiple trades at prices ranging from $410.48 to $411.34. 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. The sales were executed in multiple trades at prices ranging from $412.14 to $412.29. 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. Shares are held by The OD Trust for which the Reporting Person's children are beneficiaries. 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. The sales were executed in multiple trades at prices ranging from $400.99 to $401.18. 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. The sales were executed in multiple trades at prices ranging from $405.93 to $406.88. 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. The sales were executed in multiple trades at prices ranging from $407.14 to $407.66. 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. The sales were executed in multiple trades at prices ranging from $408.53 to $409.32. 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. The sales were executed in multiple trades at prices ranging from $395.09 to $395.58. 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. The sales were executed in multiple trades at prices ranging from $398.32 to $399.14. 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. The sales were executed in multiple trades at prices ranging from $400.21 to $400.83. 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. The sales were executed in multiple trades at prices ranging from $401.39 to $401.88. 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. The sales were executed in multiple trades at prices ranging from $402.62 to $403.25. 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. The sales were executed in multiple trades at prices ranging from $403.75 to $404.03. 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. The sales were executed in multiple trades at prices ranging from $405.32 to $406.18. 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.

Form 4 Insider Transactions: What Each Field Means →

08/22/2025 - 08:05 PM

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

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)
08/20/2025

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)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Class A Common Stock	08/20/2025		S		391	D	$393.48⁽¹⁾	8,522	I	See footnote⁽²⁾
Class A Common Stock	08/20/2025		S		157	D	$395.27⁽³⁾	8,365	I	See footnote⁽²⁾
Class A Common Stock	08/20/2025		S		100	D	$396.21	8,265	I	See footnote⁽²⁾
Class A Common Stock	08/20/2025		S		290	D	$398.83⁽⁴⁾	7,975	I	See footnote⁽²⁾
Class A Common Stock	08/20/2025		S		200	D	$400.52⁽⁵⁾	7,775	I	See footnote⁽²⁾
Class A Common Stock	08/20/2025		S		300	D	$401.55⁽⁶⁾	7,475	I	See footnote⁽²⁾
Class A Common Stock	08/20/2025		S		300	D	$402.84⁽⁷⁾	7,175	I	See footnote⁽²⁾
Class A Common Stock	08/20/2025		S		313	D	$403.92⁽⁸⁾	6,862	I	See footnote⁽²⁾
Class A Common Stock	08/20/2025		S		1,022	D	$405.86⁽⁹⁾	5,840	I	See footnote⁽²⁾
Class A Common Stock	08/20/2025		S		1,432	D	$406.87⁽¹⁰⁾	4,408	I	See footnote⁽²⁾
Class A Common Stock	08/20/2025		S		1,300	D	$407.75⁽¹¹⁾	3,108	I	See footnote⁽²⁾
Class A Common Stock	08/20/2025		S		621	D	$409.04⁽¹²⁾	2,487	I	See footnote⁽²⁾
Class A Common Stock	08/20/2025		S		400	D	$410.48⁽¹³⁾	2,087	I	See footnote⁽²⁾
Class A Common Stock	08/20/2025		S		900	D	$411.57⁽¹⁴⁾	1,187	I	See footnote⁽²⁾
Class A Common Stock	08/20/2025		S		1,187	D	$412.24⁽¹⁵⁾	0.00	I	See footnote⁽²⁾
Class A Common Stock	08/20/2025		S		22	D	$393.38	3,030,978	I	See footnote⁽¹⁶⁾
Class A Common Stock	08/20/2025		S		22	D	$396.45	3,030,956	I	See footnote⁽¹⁶⁾
Class A Common Stock	08/20/2025		S		44	D	$401.13⁽¹⁷⁾	3,030,912	I	See footnote⁽¹⁶⁾
Class A Common Stock	08/20/2025		S		88	D	$405.86⁽¹⁸⁾	3,030,824	I	See footnote⁽¹⁶⁾
Class A Common Stock	08/20/2025		S		92	D	$406.82⁽¹⁹⁾	3,030,732	I	See footnote⁽¹⁶⁾
Class A Common Stock	08/20/2025		S		44	D	$407.8⁽²⁰⁾	3,030,688	I	See footnote⁽¹⁶⁾
Class A Common Stock	08/20/2025		S		22	D	$409.39	3,030,666	I	See footnote⁽¹⁶⁾
Class A Common Stock	08/20/2025		S		66	D	$410.98⁽²¹⁾	3,030,600	I	See footnote⁽¹⁶⁾
Class A Common Stock	08/20/2025		S		51	D	$412.21⁽²²⁾	3,030,549	I	See footnote⁽¹⁶⁾
Class A Common Stock	08/20/2025		S		22	D	$393.56	780,978	I	See footnote⁽²³⁾
Class A Common Stock	08/20/2025		S		22	D	$396.42	780,956	I	See footnote⁽²³⁾
Class A Common Stock	08/20/2025		S		44	D	$401.09⁽²⁴⁾	780,912	I	See footnote⁽²³⁾
Class A Common Stock	08/20/2025		S		110	D	$406.24⁽²⁵⁾	780,802	I	See footnote⁽²³⁾
Class A Common Stock	08/20/2025		S		99	D	$407.39⁽²⁶⁾	780,703	I	See footnote⁽²³⁾
Class A Common Stock	08/20/2025		S		45	D	$408.82⁽²⁷⁾	780,658	I	See footnote⁽²³⁾

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)
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)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)

Explanation of Responses:

1. The sales were executed in multiple trades at prices ranging from $393.02 to $393.89. 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.

2. Shares are held by WNF 2020 LLC 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 $395.09 to $395.58. 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.

4. The sales were executed in multiple trades at prices ranging from $398.32 to $399.14. 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.

5. The sales were executed in multiple trades at prices ranging from $400.21 to $400.83. 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 $401.39 to $401.88. 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.

7. The sales were executed in multiple trades at prices ranging from $402.62 to $403.25. 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.

8. The sales were executed in multiple trades at prices ranging from $403.75 to $404.03. 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 $405.32 to $406.18. 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.

10. The sales were executed in multiple trades at prices ranging from $406.34 to $407.29. 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 $407.37 to $408.12. 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.

12. The sales were executed in multiple trades at prices ranging from $408.55 to $409.44. 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 $410.03 to $410.74. 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 $411.06 to $411.97. 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 $412.09 to $412.72. 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.

16. 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.

17. The sales were executed in multiple trades at prices ranging from $401.10 to $401.16. 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 $405.32 to $406.20. 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.

19. The sales were executed in multiple trades at prices ranging from $406.33 to $407.20. 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.

20. The sales were executed in multiple trades at prices ranging from $407.68 to $407.92. 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 $410.48 to $411.34. 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 $412.14 to $412.29. 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. Shares are held by The OD Trust for which the Reporting Person's children are beneficiaries. 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.

24. The sales were executed in multiple trades at prices ranging from $400.99 to $401.18. 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.

25. The sales were executed in multiple trades at prices ranging from $405.93 to $406.88. 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.

26. The sales were executed in multiple trades at prices ranging from $407.14 to $407.66. 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 $408.53 to $409.32. 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.

Remarks:

Form 4 of 7

	/s/ Victoria Valenzuela, Attorney-in-fact	08/22/2025
	** 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.

Source: View Original Filing on SEC EDGAR

FAQ

What did Arash Foroughi report on the Form 4 for APP?

He reported numerous sales of Class A common stock on 08/20/2025 executed in multiple trades with weighted-average prices in the ~$393–$412 range and disclosed indirect holdings in trusts/LLCs.

How much stock did the reporting person hold after the transactions?

Post-transaction balances vary by line; some lines report zero while others show substantial indirect holdings (for example, lines show balances such as 3,030,978 and 780,978 shares held indirectly).

Are the sold shares held directly or indirectly?

The filing shows sales and remaining holdings primarily listed as indirect (I), with multiple notes stating shares are held by WNF 2020 LLC, The JAF Children's Trust, and The OD Trust for the benefit of the reporting persons children.

What prices were the shares sold at in the Form 4?

Reported weighted-average sale prices range approximately from $393 to $412 per share, with footnotes giving narrower trade-by-trade price ranges for each lot.

When were the transactions executed and when was the Form 4 signed?

Transactions were executed on 08/20/2025 and the Form 4 was signed by an attorney-in-fact on 08/22/2025.