AppLovin Form 4: Victoria Valenzuela Disposes of 35,000 Class A Shares

Rhea-AI Filing Summary

Victoria Valenzuela, an officer and corporate secretary of AppLovin Corporation (APP), reported multiple open-market sales of Class A common stock on 09/04/2025 executed under a Rule 10b5-1 trading plan adopted May 22, 2025. The Form 4 lists five separate blocks sold totaling 35,000 shares, with weighted-average sale prices for each block reported between $500.37 and $504.91. After these transactions the reporting person beneficially owned 269,955 Class A shares (some of which are represented by restricted stock units). The filer certifies availability of detailed trade-by-trade pricing upon request and the Form 4 is signed and dated 09/05/2025.

Positive

• Sales executed under a Rule 10b5-1 trading plan, indicating pre-arranged, compliant insider transactions
• Filer offers to provide trade-by-trade pricing details on request, supporting disclosure transparency

Negative

• Officer sold a total of 35,000 Class A shares, reducing beneficial ownership to 269,955 shares
• Sales occurred at high price levels (~$500–$505), representing meaningful insider liquidity on a single day

Insights

Securities Analyst

TL;DR Officer executed pre-arranged sales under a 10b5-1 plan, selling 35,000 Class A shares across five blocks at ~ $500–$505.

These sales were explicitly made pursuant to a Rule 10b5-1 trading plan adopted May 22, 2025, which establishes an affirmative defense to insider trading claims if properly structured. The Form 4 discloses five discrete dispositions on 09/04/2025 with weighted-average prices reported per block and a continuing beneficial ownership of 269,955 Class A shares, including certain RSU-derived shares. For investors, the filing documents the mechanics and compliance of the insider sales but does not include any company operational or earnings information. Impact is primarily transparency around insider liquidity rather than new corporate fundamentals.

Corporate Governance Expert

TL;DR Sales were pre-planned via a 10b5-1 plan; disclosures are procedurally compliant and include RSU note and availability of trade-level details.

The reporting person checked the 10b5-1 box and provided explanatory footnotes stating the plan adoption date and that certain shares are RSU-derived. The filer also commits to supply separate trade-price details to the SEC, issuer, or security holders on request, which supports disclosure completeness. From a governance perspective, the filing reflects appropriate use of a structured plan for officer liquidity and appears to follow Form 4 disclosure conventions. There is no indication of other governance events or material corporate actions in this filing.

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).

X

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^*

Valenzuela Victoria

(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)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	CALO & Corp. Secretary

3. Date of Earliest Transaction (Month/Day/Year)
09/04/2025

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	09/04/2025		S(1)		8,200	D	$500.37(2)	296,755(3)	D
Class A Common Stock	09/04/2025		S(1)		11,597	D	$501.34(4)	285,158(3)	D
Class A Common Stock	09/04/2025		S(1)		4,700	D	$502.5(5)	280,458(3)	D
Class A Common Stock	09/04/2025		S(1)		3,700	D	$503.89(6)	276,758(3)	D
Class A Common Stock	09/04/2025		S(1)		6,803	D	$504.91(7)	269,955(3)	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

Explanation of Responses:

1. The sales reported on this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on May 22, 2025.

2. The sales were executed in multiple trades at prices ranging from $500.01 to $500.92. 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.

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

4. The sales were executed in multiple trades at prices ranging from $501.32 to $501.80. 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 $502.50 to $502.57. 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 $503.57 to $504.49. 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 $504.90 to $505.25. 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.

Remarks:

	/s/ Victoria Valenzuela	09/05/2025
	** 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 officer Victoria Valenzuela sell on 09/04/2025 (APP)?

The Form 4 reports dispositions of 35,000 Class A shares across five blocks on 09/04/2025, executed under a Rule 10b5-1 plan.

Were the 09/04/2025 sales by the APP reporting person part of a 10b5-1 plan?

Yes. The reporting person indicated the transactions were effected pursuant to a Rule 10b5-1 trading plan adopted May 22, 2025.

How many Class A shares does the reporting person beneficially own after the reported sales?

Following the reported transactions the filing shows the reporting person beneficially owned 269,955 Class A shares (some represented by RSUs).

At what prices were the APP shares sold on 09/04/2025?

The Form 4 reports weighted-average sale prices per block ranging from $500.37 to $504.91; footnotes state each block was executed in multiple trades within specified price ranges.

Does the Form 4 provide detailed per-trade prices and quantities?

The filing reports weighted-average prices by block and states the reporting person will provide full trade-level information upon request to the SEC, issuer, or a security holder.