APP Form 4: Chen Herald Y discloses multiple Class A stock sales reducing trust holdings

Rhea-AI Filing Summary

Chen Herald Y, a director of AppLovin Corporation (APP), reported multiple sales of Class A common stock executed on 08/15/2025. The Form 4 discloses a sequence of dispositions that reduced beneficial ownership held indirectly through The Chen Family 2012 Irrevocable Trust from 189,100 shares to 140,000 shares. Sales were executed in multiple trades across separate lots with reported weighted-average prices per lot ranging from approximately $425.83 to $440.90, and the form is marked as "Form 2 of 2." The filing was signed by an attorney-in-fact on 08/18/2025. Footnotes state the reporting person and spouse serve as trustees and that detailed per-trade quantities and prices are available on request.

Positive

• Regulatory-compliant disclosure: The Form 4 clearly reports multiple sales with weighted-average prices and includes footnotes offering per-trade detail upon request.
• Trust ownership disclosed: The filing specifies shares are held by The Chen Family 2012 Irrevocable Trust and identifies the reporting person and spouse as trustees, clarifying the nature of indirect ownership.

Negative

• Significant reduction in holdings: Indirect beneficial ownership fell from 189,100 to 140,000 shares, a decrease of 49,100 shares (~25.95%).
• Large insider selling over one day: Multiple dispositions executed on 08/15/2025 across many lots may be interpreted as a meaningful liquidity event for the insider.

Insights

Financial Analyst

TL;DR: Director disclosed multiple stock sales on 08/15/2025 reducing indirect holdings materially; disclosure is complete and compliant.

The Form 4 shows sequential dispositions that lowered indirect holdings from 189,100 to 140,000 shares, with lot-level weighted-average prices reported and footnotes offering per-trade detail on request. From a market-impact perspective, the filing provides transparent execution ranges and preserves compliance with Section 16 reporting requirements. There is no earnings or operational data in the filing to change the company valuation; this is an insider liquidity event rather than a corporate action.

Risk Analyst

TL;DR: Insider sold approximately 49,100 shares (~26% of prior indirect holdings), which is a notable reduction in trustee-held position.

The reduction from 189,100 to 140,000 shares represents a substantial decrease in the indirect stake held by the trustee-managed family trust. While the filing documents execution prices and preserves regulatory transparency, the size of the disposals could be relevant to investors assessing insider sentiment or potential future liquidity events. The filing does not state any planned future transactions or the purpose of 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)
08/15/2025

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	08/15/2025		S		700	D	$426.03(1)	189,100	I	See footnote(2)
Class A Common Stock	08/15/2025		S		300	D	$427.35(3)	188,800	I	See footnote(2)
Class A Common Stock	08/15/2025		S		600	D	$428.38(4)	188,200	I	See footnote(2)
Class A Common Stock	08/15/2025		S		400	D	$429.9(5)	187,800	I	See footnote(2)
Class A Common Stock	08/15/2025		S		400	D	$430.57(6)	187,400	I	See footnote(2)
Class A Common Stock	08/15/2025		S		300	D	$431.58(7)	187,100	I	See footnote(2)
Class A Common Stock	08/15/2025		S		500	D	$432.88(8)	186,600	I	See footnote(2)
Class A Common Stock	08/15/2025		S		4,586	D	$434.36(9)	182,014	I	See footnote(2)
Class A Common Stock	08/15/2025		S		9,415	D	$435.21(10)	172,599	I	See footnote(2)
Class A Common Stock	08/15/2025		S		12,688	D	$436.26(11)	159,911	I	See footnote(2)
Class A Common Stock	08/15/2025		S		8,268	D	$437.16(12)	151,643	I	See footnote(2)
Class A Common Stock	08/15/2025		S		11,043	D	$438.3(13)	140,600	I	See footnote(2)
Class A Common Stock	08/15/2025		S		400	D	$439.1(14)	140,200	I	See footnote(2)
Class A Common Stock	08/15/2025		S		200	D	$440.54(15)	140,000	I	See footnote(2)

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 $425.83 to $426.54. 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 The Chen Family 2012 Irrevocable Trust, for which the Reporting Person and his spouse serve as trustees.

3. The sales were executed in multiple trades at prices ranging from $426.96 to $427.90. 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 $428.20 to $428.62. 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.

5. The sales were executed in multiple trades at prices ranging from $429.22 to $430.18. 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.

6. The sales were executed in multiple trades at prices ranging from $430.31 to $431.20. 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 $431.43 to $431.87. 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 $432.57 to $433.30. 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.

9. The sales were executed in multiple trades at prices ranging from $433.72 to $434.69. 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.

10. The sales were executed in multiple trades at prices ranging from $434.72 to $435.71. 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.

11. The sales were executed in multiple trades at prices ranging from $435.72 to $436.715. 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 $436.72 to $437.71. 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.

13. The sales were executed in multiple trades at prices ranging from $437.72 to $438.69. 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.

14. The sales were executed in multiple trades at prices ranging from $438.78 to $439.48. 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 $440.18 to $440.90. 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 2 of 2

	/s/ Victoria Valenzuela, Attorney-in-fact	08/18/2025
	** 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 the AppLovin (APP) Form 4 filed by Chen Herald Y disclose?

The Form 4 disclosed multiple sales of Class A common stock on 08/15/2025 that reduced indirect holdings from 189,100 shares to 140,000 shares, with weighted-average prices per lot reported.

How many shares did Chen Herald Y sell on 08/15/2025 according to the filing?

The filing shows dispositions totaling 49,100 shares, reducing indirect beneficial ownership from 189,100 to 140,000 shares.

At what prices were the AppLovin shares sold in the Form 4?

Sales were executed in multiple trades with lot-level weighted-average prices reported ranging roughly from $425.83 to $440.90 per share; per-trade breakdowns are available upon request as noted in the footnotes.

Who holds the shares reported in the Form 4 for APP?

The shares are held indirectly by The Chen Family 2012 Irrevocable Trust, for which the reporting person and spouse serve as trustees.

When was the Form 4 signed and filed?

The Form 4 shows transactions dated 08/15/2025 and was signed by an attorney-in-fact on 08/18/2025; the filing is labeled "Form 2 of 2."