$DUOL

@HolySmokas is short $DUOL. I watched his short thesis video. I realize I'll get asked about this dozens of times over the next few days, so I'll go ahead and write up a summary of his arguments and my response. Jeremy's Argument 1: Duolingo recently went through a social media hype cycle in 2024 that's over. You can see this is the huge spike in social media followers in 2024 and the decline in followers this year. My response: Most investors overestimate how much of Duolingo's growth is through social media. They estimate about 20% of their growth is from social media, the other 80% is through word of mouth. Their forward-looking guidance already incorporates a decline in social media virality. Jeremy's Argument 2: The hype cycle being over means revenue growth next year will be fa