Applovin Shares Jump 13% to $460 After Short Seller Retracts Claims
Applovin shares surged 13.19%, closing at $460.38, after a short seller withdrew erroneous money-laundering accusations against major shareholder Hang Tao. The critic apologized for misattributing a Bordeaux court ruling and retracting unfounded links to other individuals, restoring investor confidence ahead of the company’s Feb. 11 earnings report.
1. Stock Price Reaction
On Monday, Applovin shares soared 13.19% to close at $460.38 as investors reversed earlier sell-offs following the withdrawal of damaging allegations against a key shareholder.
2. Short Seller Retraction
The critic issued an apology to major shareholder Hang Tao, citing an insufficient independent verification process that led to the misattribution of a Bordeaux court judgment and unfounded money-laundering links to other individuals and groups.
3. Investor Outlook and Earnings
The apology-driven rally comes just ahead of Applovin’s scheduled Feb. 11 earnings release and conference call, potentially buoying market sentiment, though analysts will be watching actual financial results for sustained momentum.