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  "docSlug": "86aeeaf4ca9c",
  "documentTitle": "XL Fleet (XL)",
  "authorId": "51_Muddy_Waters",
  "authorName": "Muddy Waters Capital",
  "documentKindSlug": "activist-deck",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2021-03-03 00:00:00",
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  "pageNumber": 39,
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  "notes": "The slide uses rhetorical questions and negative framing to undermine the company's market valuation.",
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      "text": "XL went from PPP loan recipient to billion-dollar SPAC in six months. Really???",
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      "text": "XL's reportedly raised its most recent equity funding round at a ~$73 million valuation, a fraction of its SPAC valuation.\nXL went from PPP loan recipient to billion-dollar SPAC in six months. Really???\nXL lost CARB certification in 2019.\nXL reportedly had significant supply chain woes indicative of a bit player.",
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      "text": "valuation: $73 million",
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      "text": "What's XL Really Worth?",
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