Professional
Added to YB: 2026-04-02
Pitch date: 2026-03-30
SOFI [bearish]
SoFi Technologies, Inc.
-1.17%
current return
Author Info
Muddy Waters Research is a short seller that peels back the layers, often built up by seemingly respected but sycophantic law firms, auditors, and venal managements. Sign up for the newsletter.
Company Info
SoFi Technologies, Inc. provides various financial services in the United States, Latin America, Canada, and Hong Kong.
Market Cap
$19.3B
Pitch Price
$15.45
Price Target
N/A
Dividend
N/A
EV/EBITDA
N/A
P/E
39.29
EV/Sales
N/A
Sector
Consumer Finance
Category
special_situation
How SOFI’s Borrowing Money and Booking it as a Sale Enriched Management
SOFI (short): Muddy Waters alleges SOFI booked $312M JPMorgan loan as Q3'24 sale, inflating profits & mgmt bonuses while shareholders face ~15% dilution. Utah UCC filings show JPMorgan as 'senior lender' not buyer; SoFi Funding is consolidated subsidiary, making transfer internal. Expects restatement of $312M sale + ~$1B prior EBITDA, lower capital ratios. CEO extracted $46.5M via forwards, CFO $11.8M; bonuses depend on sale treatment. Claims vendor-financed whole loan sales justified inflated FV marks since Q3'23.
Read full article (7 min)