Grizzly Research issued a report on March 12, 2024, entitled "XP's (Nasdaq: XP) Entire Profits Are Dependent on What Insiders Call a ‘Madoff-Like Ponzi Scheme'". The report stated in part that "XP is a Brazilian Nasdaq-listed fintech company. Our research uncovers that the company is running a massive Ponzi scheme facilitated through certain derivatives sales to retail clients, which are funneled through special funds and misrepresented as proprietary trading profits."
Following this news, the price of XP stock fell over 5% on the same day.
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