[Form 4] Applovin Corporation Insider Trading Activity

Rhea-AI Filing Summary

Arash Foroughi, CEO & Chairperson of AppLovin Corp (APP), reported multiple transactions on 08/20/2025. The filing lists numerous open-market sales of Class A common stock executed in multiple trades at prices generally between about $385 and $412 per share and reports conversions (zero-price acquisitions) of 10,429 shares on two separate lines. Transactions are reported as indirect holdings through family LLCs (KMF 2020 LLC, OHF 2020 LLC, WNF 2020 LLC) where the reporting person disclaims beneficial ownership for the benefit of his children. Following the series of sales and conversions across the tables, some reported holdings declined to zero on certain lines while other indirect positions show remaining share counts (for example, 10,429 and later balances such as 10,129 and 8,913 in different lines). The report is signed by an attorney-in-fact on 08/22/2025.

Positive

• Conversions recorded: Two entries report conversion/acquisition of 10,429 Class A shares at $0.00, indicating share additions on 08/20/2025
• Transparent trade details: Footnotes disclose price ranges and that weighted-average prices are reported, and the reporting person offers to provide full per-trade details on request

Negative

• Extensive insider selling: Numerous sales of Class A shares on 08/20/2025 across price ranges ~$385–$412, indicating substantial dispositions the same day
• Potential reduction in holdings: Several reported lines show holdings declining to 0 after the reported transactions
• Indirect holdings via family LLCs: Many shares are held by KMF 2020 LLC, OHF 2020 LLC, and WNF 2020 LLC and the reporting person disclaims beneficial ownership, complicating assessment of true insider ownership

Insights

Financial Analyst

TL;DR: Significant insider selling occurred alongside conversions; net effect on total beneficial ownership is mixed and requires aggregation for full impact.

The filing documents numerous sales of Class A common stock by the CEO/Chair on 08/20/2025 at prices ranging roughly from $385 to $412 per share, executed in multiple trades with weighted-average prices disclosed in footnotes. Two conversion entries each show 10,429 Class A shares acquired at a reported price of $0.00, indicating a non-cash conversion event recorded the same day as sales. Many holdings are reported indirectly via family LLCs and the reporting person expressly disclaims beneficial ownership of those LLC-held shares. For investors, the material items are the scale and price range of insider sales and the presence of conversions that increased recorded share counts in this filing; however, this Form 4 does not provide an aggregate net change across all reported vehicles, so precise portfolio impact requires tallying each line item.

Corporate Governance Expert

TL;DR: Large, same-day insider disposals raise governance and signaling questions despite use of family LLCs and conversions.

The CEO and 10% owner filed numerous same-day sales of Class A shares and two conversion entries of 10,429 shares at $0.00, with many shares held indirectly in family LLCs for the benefit of his children and disclaimers of beneficial ownership. The pattern—many small blocks sold across a wide price band—suggests active disposition rather than a single planned transfer; footnotes confirm multiple trades per price band. From a governance perspective, the filing clearly documents significant insider activity that stakeholders may view as material. The filing does not state whether the trades were pursuant to a Rule 10b5-1 plan or other pre-arranged program, and it provides no aggregated net change, limiting definitive governance conclusions.

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
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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)
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)
			Code	V	Amount	(A) or (D)	Price
Class A Common Stock	08/20/2025		S		700	D	$409.35(1)	2,397	I	See footnote(2)
Class A Common Stock	08/20/2025		S		700	D	$410.96(3)	1,697	I	See footnote(2)
Class A Common Stock	08/20/2025		S		1,697	D	$412.12(4)	0.00	I	See footnote(2)
Class A Common Stock	08/20/2025		C		10,429	A	$0.00	10,429	I	See footnote(5)
Class A Common Stock	08/20/2025		S		279	D	$386.32(6)	10,150	I	See footnote(5)
Class A Common Stock	08/20/2025		S		200	D	$388.08(7)	9,950	I	See footnote(5)
Class A Common Stock	08/20/2025		S		100	D	$389.86	9,850	I	See footnote(5)
Class A Common Stock	08/20/2025		S		400	D	$391.52(8)	9,450	I	See footnote(5)
Class A Common Stock	08/20/2025		S		600	D	$392.62(9)	8,850	I	See footnote(5)
Class A Common Stock	08/20/2025		S		300	D	$393.69(10)	8,550	I	See footnote(5)
Class A Common Stock	08/20/2025		S		200	D	$395.31(11)	8,350	I	See footnote(5)
Class A Common Stock	08/20/2025		S		100	D	$396.18	8,250	I	See footnote(5)
Class A Common Stock	08/20/2025		S		300	D	$398.96(12)	7,950	I	See footnote(5)
Class A Common Stock	08/20/2025		S		500	D	$401.06(13)	7,450	I	See footnote(5)
Class A Common Stock	08/20/2025		S		220	D	$402.39(14)	7,230	I	See footnote(5)
Class A Common Stock	08/20/2025		S		300	D	$403.76(15)	6,930	I	See footnote(5)
Class A Common Stock	08/20/2025		S		700	D	$405.65(16)	6,230	I	See footnote(5)
Class A Common Stock	08/20/2025		S		1,600	D	$406.64(17)	4,630	I	See footnote(5)
Class A Common Stock	08/20/2025		S		1,426	D	$407.54(18)	3,204	I	See footnote(5)
Class A Common Stock	08/20/2025		S		600	D	$408.84(19)	2,604	I	See footnote(5)
Class A Common Stock	08/20/2025		S		300	D	$409.92(20)	2,304	I	See footnote(5)
Class A Common Stock	08/20/2025		S		700	D	$411.16(21)	1,604	I	See footnote(5)
Class A Common Stock	08/20/2025		S		1,504	D	$412.09(22)	100	I	See footnote(5)
Class A Common Stock	08/20/2025		S		100	D	$412.72	0.00	I	See footnote(5)
Class A Common Stock	08/20/2025		C		10,429	A	$0.00	10,429	I	See footnote(23)
Class A Common Stock	08/20/2025		S		300	D	$386.18(24)	10,129	I	See footnote(23)
Class A Common Stock	08/20/2025		S		100	D	$387.94	10,029	I	See footnote(23)
Class A Common Stock	08/20/2025		S		200	D	$389.39(25)	9,829	I	See footnote(23)
Class A Common Stock	08/20/2025		S		400	D	$391.27(26)	9,429	I	See footnote(23)
Class A Common Stock	08/20/2025		S		516	D	$392.31(27)	8,913	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)
				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 $409.02 to $409.92. 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.

2. Shares are held by KMF 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 $410.53 to $411.35. 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.

4. The sales were executed in multiple trades at prices ranging from $411.54 to $412.51. 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. Shares are held by OHF 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.

6. The sales were executed in multiple trades at prices ranging from $385.86 to $386.82. 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.

7. The sales were executed in multiple trades at prices ranging from $387.94 to $388.22. 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.

8. The sales were executed in multiple trades at prices ranging from $391.09 to $391.73. 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.

9. The sales were executed in multiple trades at prices ranging from $392.26 to $393.19. 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.

10. The sales were executed in multiple trades at prices ranging from $393.41 to $393.88. 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.

11. The sales were executed in multiple trades at prices ranging from $394.92 to $395.69. 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.

12. The sales were executed in multiple trades at prices ranging from $398.47 to $399.30. 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 $400.59 to $401.41. 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.

14. The sales were executed in multiple trades at prices ranging from $402.08 to $402.66. 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.

15. The sales were executed in multiple trades at prices ranging from $403.31 to $403.99. 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.

16. The sales were executed in multiple trades at prices ranging from $405.09 to $406.06. 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.

17. The sales were executed in multiple trades at prices ranging from $406.13 to $407.10. 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.

18. The sales were executed in multiple trades at prices ranging from $407.20 to $408.00. 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 $408.22 to $409.18. 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.

20. The sales were executed in multiple trades at prices ranging from $409.39 to $410.22. 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.

21. The sales were executed in multiple trades at prices ranging from $410.59 to $411.45. 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 $411.59 to $412.55. 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 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.

24. The sales were executed in multiple trades at prices ranging from $385.69 to $386.45. 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 $389.23 to $389.55. 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 $390.90 to $391.55. 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 $391.98 to $392.62. 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 3 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.

FAQ

What insider traded in the Form 4 for AppLovin (APP)?

Arash Foroughi, CEO and Chairperson, filed the Form 4 reporting transactions dated 08/20/2025.

How many shares were converted or acquired at $0.00 in this filing?

Two entries each report conversions/acquisitions of 10,429 Class A shares at a reported price of $0.00.

What price range did the reported sales occur at on 08/20/2025?

The footnotes show sales executed in multiple trades with prices generally ranging from about $385 to $412 per share, with specific bands noted per footnote.

Are the reported shares held directly by the reporting person?

Many shares are reported as held indirectly through family LLCs (KMF 2020 LLC, OHF 2020 LLC, WNF 2020 LLC) and the reporting person disclaims beneficial ownership of those LLC-held shares.

Does the filing show the reporting person’s remaining holdings after the transactions?

The table shows per-line post-transaction amounts (for example, entries with balances like 10,429, 10,129, 8,913, and some lines showing 0.00), but no single aggregated total is provided in the Form 4 itself.