We are short GSX because we conclude that it is a near-total fraud. We conclude that at least ~70% of its users are fake, and we think it’s quite likely that at least ~80% of its users are fake. Our conclusions are based on GSX’s own user and attendance data files (i.e., this is not from “scraping” data). We downloaded GSX’s data from more than 200 paid K-12 classes covering 54,065 unique users.

On May 18th, we published our research on GSX in which we concluded that at least 70% of GSX’s purported users are fraudulent, and quite likely the real percentage of fake users is over 80%. We detailed three behaviors we were highly confident evidenced widespread bot usage: “Precise Joiners”, “GSX IP Joiners”, and “Burst Joiners”. A fourth pattern “Early Joiners” is highly likely indicative of bots. A former GSX manager corroborated our conclusions, and even detailed how GSX’s bot operations work. GSX’s responses since consist largely of drivel, designed to obfuscate and lie. We maintain our view that GSX is a massive fraud – i.e., it is a nearly empty box. Making GSX’s denials even more farcical is that it openly recruits engineers to help it run bot farms, which we show in this report.