Shares of Jumia Technologies moved lower after Andrew Left’s Citron Research said the shares are “worthless.” In a report posted on its website, the firm known for selling short the ideas if writes about called Jumia a “fraud that “deserves immediate SEC attention.” Citron went on, “If you’re reading this report, Amazon knows more about ecommerce than you and Naspers knows more about Africa than you. Both companies have either divested or avoided investing regardless of valuation in the Nigerian ecommerce market, which is the growth story behind Jumia.” Shares of Jumia Technologies are down 12%, or $4.00, to $29.32 in afternoon trading.
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