{ "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": 4, "pageCount": 43, "prevPage": 3, "nextPage": 5, "slideType": "executive_summary", "function": "diagnose_problem", "density": "overcrowded", "nDataPoints": 4, "notes": "The slide uses a 'villain' narrative style to frame Trustpilot's business practices as extortion.", "elementsJson": [ "headline_text", "paragraph", "footnote" ], "metadataConfidence": 0.95, "imagePath": null, "slideHref": "/slides/019dd923-622c-750b-8b9b-0fa9fda1c0f6/4", "deckHref": "/decks/019dd923-622c-750b-8b9b-0fa9fda1c0f6", "deckJsonHref": "/decks/019dd923-622c-750b-8b9b-0fa9fda1c0f6.json", "deckAnchorHref": "/decks/019dd923-622c-750b-8b9b-0fa9fda1c0f6#slide-4", "components": [ { "bbox": null, "kind": "callout", "text": "Trustpilot scores really only show who paid the extortion fee.", "attrs": null, "subkind": null, "toolName": "Visual emphasis", "toolSlug": "visual-emphasis", "confidence": null, "componentId": "019dd953-70fa-7556-865b-e05b7beb07c3", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.1, "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": "db9ba87f-b621-478d-bd32-479a8c455bce", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.04, "w": 0.78, "x": 0.11, "y": 0.71 }, "kind": "paragraph", "text": "We believe Trustpilot has created a platform to attract bad reviews and customers must pay to dilute the bad reviews. This created a review system that only seems to express who pays Trustpilot.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "1512fd18-0ac0-4dd5-b873-8641292cc986", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.06, "w": 0.78, "x": 0.11, "y": 0.21 }, "kind": "paragraph", "text": "negative ratings, which Trustpilot then aggressively removes, often violating its own policies. Trustpilot employs many other tricks to control who leaves reviews on its site. These tactics are known as Review Gating.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "2e5af3ce-abfc-4522-9bb9-e2ae66e00799", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.09, "w": 0.78, "x": 0.11, "y": 0.53 }, "kind": "paragraph", "text": "Google actively and manually penalizes websites that it deems untrustworthy, unreliable or exploitative (see Reputation Abuse Policy). We show in this report that Trustpilot’s review scores are fundamentally unreliable. When Google realizes that their high-ranking of Trustpilot’s content damages their own reputation, Google might penalize Trustpilot, which would effectively destroy Trustpilot’s entire business model, because Google captures about 90% of the global internet search market.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "7d7f87ae-dbd5-4e10-9d63-5cd4ad76fd56", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.04, "w": 0.78, "x": 0.11, "y": 0.76 }, "kind": "paragraph", "text": "We examined a range of industries, one of which is U.S. optician brands. If consumers use Google Search to check reviews, they find the Trustpilot scores on the first response page.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "b54e781d-cb34-4f6f-b469-0375d428f614", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.11, "w": 0.78, "x": 0.11, "y": 0.28 }, "kind": "paragraph", "text": "We and many experts we consulted believe Trustpilot is not only engaging in review gating but also actively using illegal tactics to manipulate review scores. This has led to anomalies like Freecash.com, an obscure niche service, amassing over 249,000 reviews on Trustpilot with 4.8 out of 5 stars. For comparison, the largest email service, Gmail, has 1,525 reviews and a 1.6/5 rating; the biggest gaming platform, Steam, has 4,473 reviews and a 1.9/5 rating.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "d0a45dd8-dbca-48b1-bd5d-73336766095f", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.07, "w": 0.78, "x": 0.11, "y": 0.45 }, "kind": "paragraph", "text": "Insiders told us that Google’s trust is crucially important for Trustpilot’s business success. However, in January 2025 Google agreed with the U.K. government to stronger penalization of fake reviews, and to “enforce sanctions to deter businesses that try to benefit from fake reviews and sanction those that write fake or misleading reviews.”", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "fcbc9078-86af-44eb-b5e1-abda4099766e", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "quote", "text": "enforce sanctions to deter businesses that try to benefit from fake reviews and sanction those that write fake or misleading reviews. — Google", "attrs": null, "subkind": null, "toolName": "Authority citation", "toolSlug": "authority-citation", "confidence": null, "componentId": "019dd953-70fa-7556-865b-e4ce072fe792", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.06, "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": "7fcf6b9b-0675-461b-b272-3f5377956f24", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.06, "w": 0.78, "x": 0.11, "y": 0.64 }, "kind": "title", "text": "Trustpilot Scores Really Only Show Who Paid the Extortion Fee", "attrs": null, "subkind": "subtitle", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "66a3f805-fe1b-4ced-b4fe-43c72842d6c7", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.03, "w": 0.3, "x": 0.11, "y": 0.41 }, "kind": "title", "text": "Dependence on Google", "attrs": null, "subkind": "subtitle", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "f31bfe04-6c0e-45f5-8f7c-51e4e5ab4df4", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 5, "from": 1, "beatId": "ce8ded5e-df52-4ac6-9664-9c8cf9bb31d5", "arcName": "Overcoming the Monster", "arcSlug": "overcoming-monster", "beatName": "The Monster", "beatSlug": "overcoming-monster-the-monster", "evidence": "Introduction to Trustpilot's problems", "position": 0, "confidence": 0.8, "parentBeatName": "Hook", "parentBeatSlug": "hook" } ], "loops": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }