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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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  "notes": "The slide uses a 'fraud-exposure' narrative style, highlighting secrecy and a discrepancy between private funding and public market valuation.",
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      "kind": "callout",
      "text": "XL’S REPORTEDLY RAISED ITS MOST RECENT EQUITY FUNDING ROUND AT A ~$73 MILLION VALUATION, A FRACTION OF ITS SPAC VALUATION.",
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      "text": "valuation: $73 million",
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      "text": "According to one former employee, before the SPAC bonanza, XL raised its 2017 Series D round at a valuation of only $73 million. XL appears to have tried to keep this number under wraps. Our interviews with other former XL employees consistently described secrecy regarding XL's valuation. When we recently asked the company what its most recent valuation was, it refused to answer.",
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      "text": "What's XL Really Worth?",
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