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Jumia CEO Sacha Poignonnec Responds to Citron's Incendiary Short Report

Kevin Curran

CEO Sacha Poignonnec says that Citron's scathing report that included allegations of outright fraud is misleading the market. Shares of the stock that has been proclaimed the "Amazon of Africa" surged on Monday, battling back from a Citron report that took shares down over 40% in just two days. The stock bounce is aided by a relatively solid earnings release, the first the company has made as a public company, that reflected a 12% increase year over year in revenue alongside a 58% increase in gross merchandise volume.