Skip to main content
← All exclusions

AppLovin Corporation

APP

Information Technology

1

exclusion reason

1 theme

Surveillance Capitalism (1)
APP Information Technology Current as of April 2026

This page is part of our public exclusion list — a transparency tool that shows which companies we screen out and why. It is not investment advice, and it is not an accusation. But it is subject to change as our understanding of the facts evolves.

Surveillance Technology
Since Oct 19, 2021

AppLovin operates the AXON machine-learning platform, embedded via SDK in thousands of mobile apps. In October 2025, the SEC launched an investigation into allegations that AXON impermissibly harvested proprietary user identifiers from Meta, Snap, TikTok, Reddit, and Google to enable cross-platform tracking — a practice short-seller reports described as "identifier bridging" that stitches data into unified user profiles ("PIGs," or Platform Identifier Groups) in apparent violation of platform terms of service. The FTC opened a parallel investigation into whether AppLovin violated platform privacy policies through this data collection. Multiple research reports (Culper Research, Fuzzy Panda, Muddy Waters) documented the practice. Allegations also include illegal tracking of children's behavioral data.

Sources:
culperresearch.com ↗ docs.house.gov ↗ fuzzypandaresearch.com ↗ muddywatersresearch.com ↗ sec.gov ↗

Related Issues

Surveillance Capitalism

Surveillance capitalism is extraction without consent — behavioral data harvested from people whose agreement was buried in terms they couldn't negotiate and can't revoke. We exclude companies whose revenue depends on this, and hold a high bar for any tech company where surveillance is a meaningful input. Until users can control, audit, and delete their data, this stays a core exclusion.

→
Research Sources 5 organizations
External
External
External
External
External

Related Exclusions

Same Issue

Surveillance Capitalism

See all companies →

Wondering what we do invest in?

Our strategies → Our process →

The Naughty List

A digest of changes to our exclusion list — new additions, removals, and the evidence behind them. We review the list continuously as new evidence surfaces.

RSS feed No spam · Unsubscribe anytime

Companies appear on our exclusion list based on our investment judgment — not because they've done anything illegal. This is a difference of values and opinion, not an accusation of wrongdoing. Exclusion does not constitute a recommendation against investing in any company, and absence from the list does not constitute a recommendation to invest.

This information is provided for educational and transparency purposes only and should not be relied upon as investment advice. Data is drawn from independent watchdogs, NGOs, government registries, and Ethical Capital's ongoing research — see Research Sources for the full list.

Ethical Capital LLC is a state-registered investment adviser in Utah (CRD #316032). Registration does not imply a certain level of skill or training.