[Form 4] Applovin Corporation Insider Trading Activity

Rhea-AI Filing Summary

Applovin director Herald Y. Chen reported multiple open-market sales of Class A common stock on 08/13/2025 and related transactions reflected in this Form 4. The filings list a sequence of sales—individual dispositions of 3,800; 2,259; 7,002; 6,666; 2,900; 169; 2,795; 1,000; 4,200; and 2,200 shares—each at reported weighted-average prices in the $453.78 to $464.40 range, reducing his direct holdings stepwise to 181,929 shares. The Form 4 also reports a grant or transfer of 200,000 shares (reported with $0.00 price) and discloses 190,000 shares held indirectly by The Chen Family 2012 Irrevocable Trust for which Mr. Chen and his spouse are trustees. The transactions were signed by an attorney-in-fact on 08/14/2025.

Positive

• None.

Negative

• Significant director stock sales: The reporting person sold a total of 35,191 Class A shares in multiple trades on 08/13/2025, reducing direct holdings.
• Large $0.00 transaction reported: A 200,000-share item is listed with $0.00 price, indicating a non-standard transfer or grant that materially changes reported direct holdings.
• Concentration of transactions on single date: Multiple disposals and the large $0.00 item all reflect changes effective 08/13/2025, creating a notable one-day shift in ownership.

Insights

Securities Analyst

TL;DR Director Herald Y. Chen executed a sizable block of open-market sales and a large $0 transfer, materially changing his direct stake.

The sequential sales on 08/13/2025 total 35,191 shares disposed of at weighted-average prices ranging roughly from $453.78 to $464.40, reducing direct beneficial ownership to 181,929 Class A shares. The Form also records a separate 200,000-share item reported at $0.00, which appears as a disposition on the Form of record; additionally, 190,000 shares remain held indirectly via a family irrevocable trust. For investors, the filing documents a meaningful change in the director's direct stake on a single day, with complete per-trade detail available upon request per the filer’s footnotes.

Corporate Governance Expert

TL;DR Multiple open-market sales and a large $0 transfer by a director materially alter his direct ownership profile.

The report clarifies beneficial ownership structure: direct holdings were reduced through multiple market transactions executed at different price bands on 08/13/2025 and an entry showing 200,000 shares with $0.00 consideration was recorded the same day. The filing also discloses indirect holdings via The Chen Family 2012 Irrevocable Trust with Mr. Chen and spouse as trustees. These disclosures satisfy Section 16 reporting by identifying both direct and indirect positions and providing weighted-average price notes for the sales.

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)
08/13/2025

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	08/13/2025		S		3,800	D	$453.78(1)	411,120(2)	D
Class A Common Stock	08/13/2025		S		2,259	D	$454.76(3)	408,861(2)	D
Class A Common Stock	08/13/2025		S		7,002	D	$455.68(4)	401,859(2)	D
Class A Common Stock	08/13/2025		S		6,666	D	$456.69(5)	395,193(2)	D
Class A Common Stock	08/13/2025		S		2,900	D	$457.83(6)	392,293(2)	D
Class A Common Stock	08/13/2025		S		169	D	$458.72(7)	392,124(2)	D
Class A Common Stock	08/13/2025		S		2,795	D	$459.89(8)	389,329(2)	D
Class A Common Stock	08/13/2025		S		1,000	D	$462.15(9)	388,329(2)	D
Class A Common Stock	08/13/2025		S		4,200	D	$463.45(10)	384,129(2)	D
Class A Common Stock	08/13/2025		S		2,200	D	$464.4(11)	381,929(2)	D
Class A Common Stock	08/13/2025		G		200,000	D	$0.00	181,929(2)	D
Class A Common Stock								190,000	I	See footnote(12)

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 $453.21 to $454.20. 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.

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

3. The sales were executed in multiple trades at prices ranging from $454.21 to $455.20. 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.

4. The sales were executed in multiple trades at prices ranging from $455.21 to $456.20. 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.

5. The sales were executed in multiple trades at prices ranging from $456.21 to $457.19. 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.

6. The sales were executed in multiple trades at prices ranging from $457.24 to $458.20. 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.

7. The sales were executed in multiple trades at prices ranging from $458.24 to $458.76. 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.

8. The sales were executed in multiple trades at prices ranging from $459.50 to $460.38. 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 $461.94 to $462.50. 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 $463.00 to $463.96. 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 $464.05 to $464.70. 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.

12. Shares are held by The Chen Family 2012 Irrevocable Trust, for which the Reporting Person and his spouse serve as trustees.

Remarks:

Form 2 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.

FAQ

What did Applovin (APP) director Herald Y. Chen report on Form 4?

He reported multiple open-market sales totaling 35,191 Class A shares on 08/13/2025 and a separate 200,000-share item at $0.00, leaving 181,929 shares directly held.

How many shares did Mr. Chen sell and at what prices?

He sold individual lots (3,800; 2,259; 7,002; 6,666; 2,900; 169; 2,795; 1,000; 4,200; 2,200) at weighted-average prices ranging roughly from $453.78 to $464.40 per share.

Does Mr. Chen retain any indirect holdings of APP stock?

Yes. The Form discloses 190,000 shares held indirectly by The Chen Family 2012 Irrevocable Trust, for which he and his spouse serve as trustees.

When were these transactions reported and who signed the Form 4?

The transactions have an earliest transaction date of 08/13/2025 and the Form 4 was signed by Victoria Valenzuela, attorney-in-fact, on 08/14/2025.

Are detailed per-trade prices available for the sales?

The footnotes state each sale was executed in multiple trades with price ranges for each reported line and that the reporting person will provide full per-trade information upon request by the SEC, issuer, or a security holder.