CapitalWatch alleges AppLovin's ad platform was used for money laundering; shares fell the next morning

On January 19, 2026, the short-seller CapitalWatch published a report alleging that AppLovin's advertising business benefited from illicit cryptocurrency funds routed through its platform. The report named no individuals and gave no dollar amounts, and AppLovin disputed the claims. Shares slid in premarket trading the next day, Tuesday January 20.

• Report published January 19, 2026 by CapitalWatch, a short seller
• Alleged link to illicit crypto funds in advertising growth; no dollar amounts cited
• Shares fell in premarket trading on January 20