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Trustpilot Group PLC on Thursday afternoon rejected a report published by short seller Grizzly Research LLC. Grizzly Research LLC had accused the Copenhagen-based consumer review platform of ‘mafia-style extortion campaigns against non-paying businesses’. Trustpilot shares were down 29% to 134.60 pence Thursday afternoon in London, making them the worst performer in the FTSE 250 index and setting a new 52-week low. Trustpilot said: ‘The report presents a series of claims that are selective, misleading and framed to support a predetermined narrative. It omits key context and publicly available facts, creating a false impression and exhibits a lack of understanding of how Trustpilot works. Trust is our guiding principle and is central to everything we do.’ Grizzly had said, citing its own investigation, that Trustpilot created ‘unsolicited review profiles for all kinds of businesses with the intention to attract hyper-negative reviews and force these businesses into paying subscription deals to ’more actively manage’ the reviews.’ Grizzly said: ‘Our research uncovers mafia-style extortion campaigns against non-paying businesses.’ Grizzly charged that paid-for profiles ‘see their review score magically lift from under 2 of 5 stars to over 4 of 5 stars’. Further, it said its statistical analysis showed that paying and non-paying profiles ‘show a concerning pattern of apparently falsified reviews’. Grizzly further cited a ‘flourishing eco system of third-party entities that sell fake reviews on Trustpilot and openly advertise the success of specific profiles. All the problems are amplified by Trustpilot’s currently extremely prioritized visibility on Google,’ which is part of Alphabet Inc. The short seller added that since Adrian Blair took over as chief executive officer of Trustpilot, the company’s revenue climbed 18% in 2023 and about 20% in 2024. ‘However, our investigation reveals this growth relies on extorting businesses while eroding trust in the brand,’ Grizzly said. Copyright 2025 Alliance News Ltd. All Rights Reserved.
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