AppLovin Rises 13.2% to $460 as Major Shareholder Allegations Are Retracted
AppLovin shares jumped 13.19% to close at $460.38, with a session high of $471.73 and a low of $419.52, then rose 4.65% in after-hours to $481.80. The surge followed a public retraction of allegations against major shareholder Hao Tang, alongside CEO Adam Foroughi’s defenses and upgraded analyst price targets.
1. Stock Performance
AppLovin shares jumped 13.19% to close at $460.38, trading between $419.52 and $471.73, before climbing 4.65% in after-hours to $481.80. The stock remains well below its 52-week high of $745.61 and above its 52-week low of $200.50, reflecting renewed investor optimism.
2. Catalyst and Analyst Response
The rally followed a public retraction of allegations implicating major shareholder Hao Tang, reversing previous claims of criminal ties. CEO Adam Foroughi’s vocal defense and a series of bullish analyst price-target upgrades further bolstered sentiment ahead of the company’s upcoming earnings report.