AI Giant Stock AppLovin Shorted, Plummets and Triggers Circuit Breaker
The stock once plummeted by over 20%.
AppLovin triggered a circuit breaker due to excessive volatility, falling 17% before the temporary suspension. In the last five trading days, the company's stock price has cumulatively dropped over 20%. The company's stock has been shorted by Culper and Fuuzy Panda.
Short seller Fuzzy Panda Research stated that they are shorting APP, accusing the company of stealing data from Meta (META.O).
Fuzzy Panda Research said, "We believe these so-called dark advertising practices explain the truth behind how AppLovin achieved its massive growth."
Another short seller, Culper Research, also stated that they are shorting the company, accusing it of using "app permissions to force silently installed backdoor applications on users' phones."
APP's stock price has risen over 16% year-to-date and skyrocketed over 700% in 2024.
