$SoFi A Financial Treadmill ? What's inside Muddy Waters Research

Описание: This report from Muddy Waters Research alleges that SoFi Technologies employs aggressive financial engineering to artificially inflate its profitability and executive bonuses. The authors argue that the company is a "treadmill" that relies on serial equity issuances to sustain deceptive accounting practices, such as understating loan default rates and using off-balance-sheet structures to hide debt. Central to the critique is the claim that SoFi's "Secured Loan" and "Loan Platform Business" are actually disguised borrowings rather than genuine asset sales. By adjusting for these perceived manipulations, the researchers estimate that SoFi's 2025 Adjusted EBITDA should be reduced by approximately 90%. Furthermore, the document suggests that management is incentivised to prioritise paper gains over economic reality, ultimately leaving shareholders as the primary losers #SOFI #stocks #muddywaters #usa