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  "documentTitle": "Trustpilot Group PLC (TRST)",
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  "authorName": "Grizzly Research",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2025-12-04 00:00:00",
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  "notes": "The slide uses a 'villain' narrative to frame the company's business model as enabling fraud.",
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      "kind": "callout",
      "text": "Example: EminiFX – CEO in Jail for Fraud, Yet Still Highly Rated",
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      "text": "As opposed to strong global brands who do not care about Trustpilot, fraudulent businesses seem to love Trustpilot to generate undeserved trust.",
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      "text": "THE REPORT AND ALL STATEMENTS CONTAINED HEREIN ARE THE OPINIONS OF GRIZZLY RESEARCH...",
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      "text": "EminiFX, a financial services company, became widely known after its CEO was sentenced to 9 years in prison for orchestrating the $248 million fraud scheme back in 2023 and website now redirects to a receivership portal. Despite this, its Trustpilot account remains active with a 4.4-star rating.",
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      "text": "As opposed to strong global brands who do not care about Trustpilot, fraudulent businesses seem to love Trustpilot to generate undeserved trust. We found countless examples, many of which we list here.",
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      "text": "Loved by Scam Businesses Around the World",
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      "text": "The “Trustpilot Mafia” – How the Extortion Model Destroys Trustpilot’s Value Proposition",
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