{
  "docId": "019dd923-622c-750b-8b9b-0fa9fda1c0f6",
  "docSlug": "aa572ed5345e",
  "documentTitle": "Trustpilot Group PLC (TRST)",
  "authorId": "62_Grizzly_Research",
  "authorName": "Grizzly Research",
  "documentKindSlug": "research-note",
  "documentKindLabel": "Research note",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2025-12-04 00:00:00",
  "orientation": "portrait",
  "aspectRatio": 0.77272725,
  "pageNumber": 18,
  "pageCount": 43,
  "prevPage": 17,
  "nextPage": 19,
  "slideType": "cover",
  "function": "front_matter",
  "density": "dense",
  "nDataPoints": 0,
  "notes": "Includes a sample fake review and a list of methods used to bypass detection.",
  "elementsJson": [
    "headline_text",
    "screenshot",
    "bullet_list",
    "paragraph"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b9b-0fa9fda1c0f6/18",
  "deckHref": "/decks/019dd923-622c-750b-8b9b-0fa9fda1c0f6",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b9b-0fa9fda1c0f6.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b9b-0fa9fda1c0f6#slide-18",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "These results point to obviously illegitimate reviews in large quantities. Leading global service providers don’t care much about their Trustpilot rating, they refuse to pay subscription fees to Trustpilot.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-70fa-7556-865d-3375ce3c5fdc",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.09,
        "w": 0.58,
        "x": 0.31,
        "y": 0.83
      },
      "kind": "disclaimer",
      "text": "THE REPORT AND ALL STATEMENTS CONTAINED HEREIN ARE THE OPINIONS OF GRIZZLY RESEARCH...",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "b6409ad1-5e76-438a-a35d-2cdf86f02488",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.19,
        "w": 0.34,
        "x": 0.33,
        "y": 0.22
      },
      "kind": "image",
      "text": "Sample fake review",
      "attrs": null,
      "subkind": "screenshot",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "93c07e10-ba95-4e5e-95b7-f099104f0049",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.12,
        "w": 0.5,
        "x": 0.14,
        "y": 0.46
      },
      "kind": "list",
      "text": "Aged and trusted profiles; Country-matched traffic; Natural posting patterns; Clean fingerprints; Slow start",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "7c37d954-5555-4581-8485-bda71c46e723",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.09,
        "w": 0.78,
        "x": 0.11,
        "y": 0.69
      },
      "kind": "paragraph",
      "text": "Services from leading international brands... consistently have ratings below three or even two stars... These results point to obviously illegitimate reviews in large quantities.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "34629541-15d3-49f3-abdc-6cb9b539929c",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.78,
        "x": 0.11,
        "y": 0.41
      },
      "kind": "paragraph",
      "text": "We also asked the sellers directly how they prevent the fake reviews from being taken down. We got the following replies:",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "85e1b301-6b87-4be1-a19d-8a23db070b12",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.78,
        "x": 0.11,
        "y": 0.13
      },
      "kind": "title",
      "text": "The “Trustpilot Mafia” – How the Extortion Model Destroys Trustpilot’s Value Proposition",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "4668c127-44d4-489c-b7bb-65867b3625ac",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.07,
        "w": 0.78,
        "x": 0.11,
        "y": 0.61
      },
      "kind": "title",
      "text": "Leading World-Class Services Have Mostly Terrible Average Reviews",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "c6422102-a34f-4d46-96ad-dac05564c992",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [],
  "arcBeats": [
    {
      "to": 20,
      "from": 6,
      "beatId": "f752034a-b013-4edb-8b0b-b1830f0cc6c4",
      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "The Struggle",
      "beatSlug": "overcoming-monster-the-struggle",
      "evidence": "Detailed critique of Trustpilot's business model",
      "position": 1,
      "confidence": 0.8,
      "parentBeatName": "Development",
      "parentBeatSlug": "development"
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}