Grizzly Research published a report on March 12, 2025, making serious allegations against XP Inc. The report claimed that XP is "running a massive Ponzi scheme" through its operations.
The short seller further alleged that this scheme is facilitated by certain derivatives sales to retail clients. These sales are reportedly funneled through special funds and misrepresented as proprietary trading profits.
The publication of this report directly challenged XP's business model, profitability, and operational practices. The allegations led to a decline in XP's stock price on March 12, 2025.
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