{
  "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": 7,
  "pageCount": 43,
  "prevPage": 6,
  "nextPage": 8,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 16,
  "notes": "The slide uses a 'villain' narrative style to frame Trustpilot's business model as extortionate.",
  "elementsJson": [
    "headline_text",
    "comparison_table",
    "paragraph",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b9b-0fa9fda1c0f6/7",
  "deckHref": "/decks/019dd923-622c-750b-8b9b-0fa9fda1c0f6",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b9b-0fa9fda1c0f6.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b9b-0fa9fda1c0f6#slide-7",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "Trustpilot is either terrible at enforcing its own policies, or, as we believe, is selective in enforcement based on who is a paying client.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-70fa-7556-865c-4a797644ae00",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.1,
        "w": 0.567,
        "x": 0.315,
        "y": 0.828
      },
      "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": "5f1d302c-4d37-4ed0-ab22-9ea4cba2ed8b",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "Average Review Score",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-70fa-7556-865c-4cad528f0290",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.1,
        "w": 0.764,
        "x": 0.118,
        "y": 0.71
      },
      "kind": "paragraph",
      "text": "Trustpilot claims to remove fake reviews... Trustpilot is either terrible at enforcing its own policies, or, as we believe, is selective in enforcement based on who is a paying client.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "404ce685-a761-481b-96e5-79a60684df55",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.764,
        "x": 0.118,
        "y": 0.555
      },
      "kind": "paragraph",
      "text": "Other examples include big online pharmacy brands... The largest U.S. gym chains are another example...",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "96c1dcc9-4a4d-4efa-88de-33974258430e",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.644,
        "x": 0.178,
        "y": 0.214
      },
      "kind": "table",
      "text": "Vodafone comparison table",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "010d87b7-4550-49ef-af66-119b853c5e22",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.12,
        "w": 0.644,
        "x": 0.178,
        "y": 0.42
      },
      "kind": "table",
      "text": "Washing machine brands comparison table",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "d388f19d-233e-4164-b4c3-6b0d7b673b53",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.764,
        "x": 0.118,
        "y": 0.135
      },
      "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": "d6b3159d-0690-41f3-a6e5-a5e9c055ba4e",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.35,
        "x": 0.118,
        "y": 0.67
      },
      "kind": "title",
      "text": "Trustpilot’s Selective Enforcement",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "db12c87c-9582-4006-91a6-addf3422693c",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "fraud-exposure",
      "slug": null,
      "matchId": "252068fd-ab03-49fb-b90d-3bab0a560bba",
      "evidence": "The slide attempts to expose a contradiction between Trustpilot's stated policy and observed data.",
      "confidence": 0.9
    }
  ],
  "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": [
    {
      "to": 10,
      "from": 6,
      "name": "Aha Moment",
      "slug": "03-aha-moment",
      "bestFor": "Data-heavy sections, research findings, analytical arguments",
      "matchId": "e2da64ff-c92a-4f41-b94b-796837b4a41c",
      "evidence": "Exposing the manipulation of review scores",
      "position": 0,
      "objective": "Reveal the contradiction in Trustpilot's review scores",
      "structure": "The Problem/Question -> What the Data Shows -> The Insight",
      "confidence": 0.7,
      "description": "Establish a tension, present data, then deliver the insight that changes everything"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}