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  "docSlug": "de028a1085e6",
  "documentTitle": "Zillow Group, Inc. (Z)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2024-03-05 00:00:00",
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  "density": "balanced",
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  "notes": "The slide uses a contrast-principle to highlight the discrepancy between management's growth narrative and the actual negative growth metrics.",
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      "kind": "callout",
      "text": "In contrast to management's growth-oriented commentary, Zillow's portfolio of websites have seen a sharp deceleration in site visitors and unique users, both of which shifted to negative growth in 2023.",
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      "text": "Zillow's Websites' Metrics",
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      "text": "Y/Y growth",
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      "text": "Source: Z SEC Filings",
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      "kind": "title",
      "text": "Visitors To Zillow's Websites Are In Decline",
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