$APP, a company with a market capitalization of approximately $100 billion, has experienced a notable decline of nearly 50% since mid-February 2025. Analysts have raised concerns about the company's business model, particularly its reliance on e-commerce and partnerships with influencers. Reports indicate that a significant portion of its net income is processed through a Singapore entity, raising questions about its financial transparency and sustainability. The ongoing market sentiment appears increasingly negative, with some investors expressing a lack of confidence in the company's future prospects.