Jumia

In May 2025, Baillie Gifford, Jumia's largest investor, completely liquidated its entire position after gradually reducing ownership from 10% to 9.2% to 7.4% in 2024. The final block was sold around $2.5 per share, representing an estimated 80-90% capital loss from the original purchase price in the mid-$20s. Q1 2025 revenue dropped 26% with only $110 million left in cash reserves. Jumia faced a $66 million operating loss in 2024.

In 2019, Citron Research alleged massive discrepancies between Jumia's confidential investor presentation (stating 41% of orders were returned, not delivered, or cancelled) and what the company reported to the SEC. Citron stated: 'In 18 years of publishing, Citron has never seen such an obvious fraud as Jumia.' The allegations raised questions about the company's reported metrics and business fundamentals.