AppLovin Sinks as Short Sellers Target 2024’s Top Tech Stock
- AppLovin surged more than 700% in 2024 amid rotation
- Fuzzy Panda, Culper Research released short reports Wednesday
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Two short sellers released reports on AppLovin Corp., touching off a record intraday rout of as much as 23% in shares of 2024’s best performing technology stock.
Shares of AppLovin, which provides marketing services to app developers, pared some of those losses to close down 12% Wednesday, shedding nearly $17 billion in market value as investors unwound some of the blistering rally that saw shares rise eight fold last year. The stock was briefly halted for a volatility pause.