[Form 4] Applovin Corporation Insider Trading Activity

Rhea-AI Filing Summary

Applovin Corp (APP) reporting person: Herald Y. Chen filed a Form 4 disclosing multiple transactions on August 12–13, 2025. The filing shows acquisitions and exercises of equity-related securities and many open-market sales of Class A common stock executed in multiple tranches at prices ranging from $439.04 to $469.69 (weighted-average prices reported per tranche). The reporter acquired or received two 200,000-share items (reported as acquisitions and as stock options exercisable at $5.05), and certain securities are represented by Restricted Stock Units (RSUs). The filing includes reported beneficial ownership totals that vary by line, including 381,929 and 780,201 shares shown in the schedules following the reported transactions.

Insights

Securities Analyst

TL;DR: Insider executed options/acquisitions and concurrently sold material quantities of Class A shares across two days.

The Form 4 documents a sequence of equity events: reporting person acquired 200,000-share items twice (including exercisable options at $5.05) and acknowledged RSUs, while selling multiple tranches of Class A common stock on August 12–13, 2025. Sale prices are reported as weighted averages across many trades, spanning roughly $439 to $469. The filing presents updated beneficial ownership figures in both non-derivative and derivative tables, with a derivative line showing 780,201 shares beneficially owned following the reported option-related activity. From a trading-data perspective, this is a routine Form 4 that discloses option exercise, RSU holdings, and staged sales rather than a single large-block transfer.

Corporate Governance Expert

TL;DR: Disclosure is complete on transaction types and prices; multiple tranche sales are documented with explanatory footnotes.

The filing supplies required detail: transaction codes, tranche-level weighted average sale prices, and explanations stating the trades were executed in multiple transactions within specified price ranges. It also clarifies that some securities are RSUs and that the reported options are fully vested and exercisable. The form is signed by an attorney-in-fact and includes the standard undertaking to provide additional per-trade details on request, which meets typical Section 16 reporting standards.

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^*

Chen Herald Y

(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		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
08/12/2025

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	08/12/2025		C		200,000	A	$0.00	381,929(1)	D
Class A Common Stock	08/12/2025		M		200,000	A	$5.05	581,929(1)	D
Class A Common Stock	08/12/2025		S		3,075	D	$459.43(2)	578,854(1)	D
Class A Common Stock	08/12/2025		S		11,820	D	$460.22(3)	567,034(1)	D
Class A Common Stock	08/12/2025		S		14,159	D	$461.12(4)	552,875(1)	D
Class A Common Stock	08/12/2025		S		11,758	D	$462.29(5)	541,117(1)	D
Class A Common Stock	08/12/2025		S		22,452	D	$463.32(6)	518,665(1)	D
Class A Common Stock	08/12/2025		S		24,771	D	$464.28(7)	493,894(1)	D
Class A Common Stock	08/12/2025		S		33,875	D	$465.4(8)	460,019(1)	D
Class A Common Stock	08/12/2025		S		44,978	D	$466.28(9)	415,041(1)	D
Class A Common Stock	08/12/2025		S		24,298	D	$467.19(10)	390,743(1)	D
Class A Common Stock	08/12/2025		S		6,462	D	$468.18(11)	384,281(1)	D
Class A Common Stock	08/12/2025		S		2,252	D	$469.08(12)	382,029(1)	D
Class A Common Stock	08/12/2025		S		100	D	$470.2	381,929(1)	D
Class A Common Stock	08/13/2025		M		200,000	A	$5.05	581,929(1)	D
Class A Common Stock	08/13/2025		S		2,300	D	$439.57(13)	579,629(1)	D
Class A Common Stock	08/13/2025		S		3,120	D	$440.7(14)	576,509(1)	D
Class A Common Stock	08/13/2025		S		6,839	D	$441.61(15)	569,670(1)	D
Class A Common Stock	08/13/2025		S		7,310	D	$442.68(16)	562,360(1)	D
Class A Common Stock	08/13/2025		S		11,291	D	$443.56(17)	551,069(1)	D
Class A Common Stock	08/13/2025		S		11,743	D	$444.58(18)	539,326(1)	D
Class A Common Stock	08/13/2025		S		23,779	D	$445.71(19)	515,547(1)	D
Class A Common Stock	08/13/2025		S		32,065	D	$446.57(20)	483,482(1)	D
Class A Common Stock	08/13/2025		S		30,466	D	$447.42(21)	453,016(1)	D
Class A Common Stock	08/13/2025		S		8,226	D	$448.7(22)	444,790(1)	D
Class A Common Stock	08/13/2025		S		10,135	D	$449.57(23)	434,655(1)	D
Class A Common Stock	08/13/2025		S		9,865	D	$450.58(24)	424,790(1)	D
Class A Common Stock	08/13/2025		S		4,370	D	$451.44(25)	420,420(1)	D
Class A Common Stock	08/13/2025		S		5,500	D	$452.74(26)	414,920(1)	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
Class B Common Stock	(27)	08/12/2025		C			200,000	(27)	(27)	Class A Common Stock	200,000	(27)	517,467	D
Stock Option (Right to Buy)	$5.05	08/12/2025		M			200,000	(28)	11/05/2029	Class A Common Stock	200,000	$0.00	780,201	D
Stock Option (Right to Buy)	$5.05	08/13/2025		M			200,000	(28)	11/05/2029	Class A Common Stock	200,000	$0.00	580,201	D

Explanation of Responses:

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

2. The sales were executed in multiple trades at prices ranging from $458.77 to $459.76. 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.

3. The sales were executed in multiple trades at prices ranging from $459.78 to $460.77. 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.

4. The sales were executed in multiple trades at prices ranging from $460.78 to $461.71. 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.

5. The sales were executed in multiple trades at prices ranging from $461.79 to $462.78. 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.

6. The sales were executed in multiple trades at prices ranging from $462.79 to $463.78. 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.

7. The sales were executed in multiple trades at prices ranging from $463.79 to $464.78. 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.

8. The sales were executed in multiple trades at prices ranging from $464.79 to $465.78. 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.

9. The sales were executed in multiple trades at prices ranging from $465.79 to $466.78. 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.

10. The sales were executed in multiple trades at prices ranging from $466.79 to $467.78. 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.

11. The sales were executed in multiple trades at prices ranging from $467.79 to $468.78. 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.

12. The sales were executed in multiple trades at prices ranging from $468.79 to $469.69. 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.

13. The sales were executed in multiple trades at prices ranging from $439.04 to $440.03. 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.

14. The sales were executed in multiple trades at prices ranging from $440.08 to $441.06. 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 $441.08 to $442.07. 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 $442.09 to $443.08. 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.

17. The sales were executed in multiple trades at prices ranging from $443.09 to $444.08. 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.

18. The sales were executed in multiple trades at prices ranging from $444.10 to $445.09. 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.

19. The sales were executed in multiple trades at prices ranging from $445.10 to $446.09. 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.

20. The sales were executed in multiple trades at prices ranging from $446.10 to $447.09. 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.

21. The sales were executed in multiple trades at prices ranging from $447.10 to $448.07. 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 $448.13 to $449.12. 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.

23. The sales were executed in multiple trades at prices ranging from $449.13 to $450.11. 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 $450.13 to $451.12. 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.

25. The sales were executed in multiple trades at prices ranging from $451.13 to $452.12. 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.

26. The sales were executed in multiple trades at prices ranging from $452.18 to $453.12. 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.

27. Shares of Class B Common Stock are exchangeable at any time, at the option of the Reporting Person and automatically in connection with certain transfers and upon certain other events, into an equal number of shares of Class A Common Stock.

28. The option is fully vested and exercisable.

Remarks:

Form 1 of 2

	/s/ Victoria Valenzuela, Attorney-in-fact	08/14/2025
	** 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.