Grizzly says PDD ‘a dying fraudulent company,’ TEMU app ‘hidden spyware’

In a recently published report, Grizzly Research “presents Smoking Gun evidence that PDD Holdings’ widely downloaded shopping app TEMU is the most dangerous malware/spyware package currently in widespread circulation.” “We strongly suspect that TEMU is already, or intends to, illegally sell stolen data from Western country customers to sustain a business model that is otherwise doomed for failure,” the report reads. “TEMU is estimated to be losing $30 per order. Its ad spending and shipping costs (1-2 weeks from China, expedited to U.S. delivery) are astronomical. One is left wondering how this business could ever be profitable.” Further, Grizzly says that, “PDD’s financials are notoriously unreliable.” Shares of PDD have dropped about 6% to $95.55 in Thursday morning trading.