S&P Dow Jones Indices announced on March 10, 2025, that AppLovin would not be joining the benchmark S&P 500 index in its latest rebalancing. Instead, DoorDash, Williams-Sonoma, TKO, and Expand Energy were selected for inclusion.
This decision followed a public campaign by short-seller Fuzzy Panda Research, which had urged the S&P Index Committee to exclude AppLovin. The short-seller cited allegations of fraudulent ad tactics and violations of app store policies as reasons for its recommendation.
Inclusion in the S&P 500 is a significant milestone for companies, often leading to increased institutional investment as index-tracking funds are required to purchase shares. AppLovin's omission, particularly after a strong performance in 2024, represents a missed opportunity for enhanced market visibility and liquidity.
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