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Campaigns / Muddy Waters → SoFi Technologies, Inc.
Muddy Waters vs. SoFi Technologies, Inc.

SoFi Technologies, Inc. · SOFI

2 decks published between 2026-03-17 and 2026-03-30 — 36 pages, 36 analysed slides total. Outcome: ongoing.

initial thesis follow up

Timeline

Each deck in chronological order — click to open. This is the story of the campaign as it unfolded.

  1. 2026-03-17 initial thesis

    2026 03 MWR_20260317

    28pp · research_note

    SoFi's $1,054M reported 2025 EBITDA is ~90% inflated via manipulated charge-off rates, off-balance-sheet VIEs and subsidized seller-financed sales that feed CEO Noto's comp — real EBITDA is ~$103M.

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  2. 2026-03-30 follow up

    2026 03 MW_SOFI_BorrowingSales_20260330

    8pp · research_note

    SOFI booked a $312M JPMorgan borrowing as a loan sale, inflating ~$1B of EBITDA and enriching management while shareholders absorb ~15% annual dilution.