Hindenburg Research is reportedly preparing a substantial short report on XP Inc. ($XP), which will include 20 images and slides aimed at demonstrating that the company is a total fraud. The report is anticipated to focus heavily on two key entities, Coliseu and Gladius, which together account for approximately 30-40% of XP's revenue over the years. Concerns have been raised regarding XP's transparency, particularly as a Brazilian document revealed the company sought to be exempted from daily reporting for Gladius and Coliseu, both of which are significant contributors to its revenue. Additionally, XP is facing mounting lawsuits in Brazil related to its business practices, with Gladius identified as a likely source of substantial revenue. The lack of recent updates regarding the performance of Gladius and Coliseu has raised further questions, especially since other funds have been providing regular updates. The Brazilian regulatory framework mandates investment funds to submit daily Net Asset Value (NAV) reports, yet there has been a notable absence of such reports for these two entities since December 2024.