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  "docId": "019dd923-622c-750b-8b99-91010c0bd592",
  "docSlug": "937587dba6b9",
  "documentTitle": "Intuit Inc. (INTU)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2024-09-20 00:00:00",
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  "notes": "The slide uses a 'before-after' framing to show the impact of the Mint shutdown announcement on competitor metrics.",
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      "kind": "callout",
      "text": "MAU for just these five apps increased by 3.3 million from October 2023 to January 2024. Mint had 3.6 million MAU as of Fall 2021.",
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      "kind": "callout",
      "text": "Intuit announces Mint shut down",
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      "kind": "chart",
      "text": "Aggregate App MAU (Millions) From Similarweb: Rocket Money, Empower, Monarch, Quicken, YNAB",
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      "text": "Aggregate Site Visits (Millions) From Similarweb: Rocket Money, Empower, Monarch, Quicken, YNAB",
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      "text": "Credit Karma has maybe 1% of the features of mint, and even what it has is poorly implemented. In it's current state I can't imagine what possessed them to announce a migration. Credit karma Sucks.. Hopefully the team who made the decision to shutdown mint in lieu are FIRED. for such a poor job and decision .. Everything about CK sucks.....",
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      "kind": "metric",
      "text": "MAU: 3.3 million",
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      "kind": "paragraph",
      "text": "Intuit's decision to kill Mint and attempt to transfer users to the Credit Karma platform was met with a profoundly negative consumer response. We provide links to numerous articles and discussion boards as evidence. However, the negative reaction is also visible in Similarweb data for other personal financial management sites. For example, site traffic for just five Mint alternatives grew 75% in the months after the announcement, and the related apps saw a similar sharp increase.",
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      "kind": "quote",
      "text": "Credit Karma has maybe 1% of the features of mint, and even what it has is poorly implemented. In it's current state I can't imagine what possessed them to announce a migration. — Reddit User",
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      "kind": "source-note",
      "text": "Source: Similarweb, Spruce Point Research",
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      "kind": "title",
      "text": "It Looks Like Intuit's Actions On Mint Likely Led To A Massive Loss Of Users",
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      "evidence": "The slide contrasts pre-announcement and post-announcement metrics to demonstrate the negative impact of the Mint shutdown.",
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    {
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      "name": "Cost Of Inaction",
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      "bestFor": "Urgent budget requests, compliance, risk mitigation",
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      "evidence": "The authors present a series of concerns related to Intuit's business practices, highlighting potential risks and negative consequences.",
      "position": 2,
      "objective": "to highlight the potential consequences of Intuit's alleged malfeasance",
      "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point",
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