White Diamond Research issues cautious research note on Agba Group

White Diamond Research issued a new research note on Agba Group, saying that the $4B valuation for the merger between the company and social media company Triller is a “made-up number that is far from reality.” Before the merger announcement, White Diamond alleges that Triller and AGBA were both failed, almost bankrupt, companies with little to no value and argues that there is “no logical business” reason for AGBA and Triller to merge, as they are in different sectors with zero synergies, and “both have proven incompetent management.” Further, White Diamond claims that Agba’s deal with “predatory” lender Yorkville has “terrible” terms for its investors.