**tldr: BSP buys dead-ish apps, fires most of the acquired staff, jacks up prices via sneaky weekly billing. Ratings are cratering across the portfolio with a ton of 1 star reviews. They have $4.4B debt which only works out if churn stays low, but churn is already high and the model is squeezing max value out of users before they figure out how to cancel. I am shorting deep. Puts are available today but I don't know how to use them**
this stock is still chilling 10% above IPO so you either still have a chance to short or I am a big regard
as a reminder, this company doesnt build anything (not anything worth buying at least). it buys an app you already trust, quietly makes it worse and pricier while ur not looking, and bets you are too boomer or lazy to cancel.
**1. ratings are cratering across the whole portfolio**
lifetime avg rating vs whats happening in recent reviews, sorted by biggest apps:
|**app**|**ratings**|**app rating (lifetime -> recent)**|**% 1-star in recent reviews**|
|:-|:-|:-|:-|
|Remini|6.18M|4.6 -> 3.5|34%|
|Evernote|1.92M|4.4 -> 3.0|49%|
|Weather Live|1.32M|4.5 -> 3.0|38%|
|Alarm Clock for Me|951K|4.4 -> 2.3|54%|
|AOL|879K|4.4-> 2.7|42%|
|Meetup|507K|4.3 -> 1.7|67%|
meetup and alarm clock for me alone should tell you everything. years of good will (thats why lifetime avg is 4.3-4.6), getting torched right now. top complaints across almost every app: too expensive, hard to cancel, crashes. thats not "rough edges," thats "we financially engineered this and people noticed"
**2. what ur actually paying for**
converted every BSP weekly sub price to monthly. 20 of 26 apps with weekly billing come out over $20/month at top tier, several \~$43/month (remini, splice, itranslate, noaa weather, planes live all $9.99/wk)
meanwhile **chatgpt plus and claude pro are $20/month flat, free tier included, and are literal frontier ai models**. remini unblurs your grandmas vacation pics and costs more than that, billed weekly so the sticker shock never hits. nobody pays $43/mo for a face filter if you ask upfront, so they dont ask upfront.
**3. the debt only works if nobody churns**
straight from the prospectus: \~$4.4B actual debt vs \~$1B equity, \~4x leverage, right at their own covenant ceiling. negative working capital. ipo money going to MORE acquisitions, not paying this down. entire bull case = users never notice the price hikes and never leave. the ratings data above is the leading indicator that they're starting to notice. 1-star share hitting 40-60%+ with "hard to cancel" as a top complaint is what churn looks like before it hits a 10-q
**4. a 4.7 on glassdoor is basically impossible**
BSP sits at 4.7/5 on glassdoor with 95%+ recommend, for a company with thousands of employees, acquisitions, layoffs and constant restructuring. no company runs a genuine 4.7 under those conditions, good companies land 3.8-4.2. same energy as the "800k applications, 286 hires" pr line. I bet they’re just really good at making the number look perfect on every surface that isnt an actual paying customer
don’t need to trust me just use the 20$ you spend in chat or Claude to figure it out. apple and google both have open apis that let you pull the most recent \~500 reviews for any app, for free, no scraping tools needed. takes you a prompt and a wank.
**position:** option chains dropped, I am 4600 shorts deep. wife still has no idea, started telling my colleagues and they think im a full blown regard. not financial advice. This is easy research so do it
