Muddy Waters Research claims SoFi profits are fake
SoFi stock tumbled last month after Muddy Waters Research revealed a bearish bet and a report containing claims of financial engineering. Carson Block, the head of Muddy Waters, followed up with a letter to the board of directors on April 6. Block compared the company to the collapsed energy giant Enron, stating that substantially all of its profits in a given period are fake. He claimed that SoFi avoids engagement with institutional analysts while cultivating an unsophisticated base of retail investors. SoFi declined to comment on the letter and referred to its March statement. The firm stated that the claims in the Muddy Waters report demonstrate a fundamental lack of understanding of its financial statements and business.
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