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  "documentTitle": "SoFi Technologies (SOFI)",
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  "notes": "The slide documents a pattern of non-engagement by SOFI management in response to investigative inquiries.",
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      "text": "SOFI's response was a press release that did not address a single factual claim.",
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      "text": "Before publishing our report, we engaged for several months with SOFI's investor relations team through a pseudonym. We made five subsequent attempts by email, culminating in a list of 11 questions we sent to CFO Lapointe.",
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      "text": "I. We Asked. SOFI Didn't Answer.",
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      "text": "Muddy Waters is short SOFI. On March 17, we published a 28-page report concluding that SOFI's 2025 Adjusted EBITDA is inflated by approximately 90%. CEO Noto purchased $500,000 of stock—roughly 0.86% of the $58.3 million he and CFO Lapointe have already extracted through prepaid variable forward contracts.",
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      "text": "The response was almost instantaneous—hours later, General Counsel Robert Lavet sent an email that made no attempt to answer even one of our questions. Instead of focusing on the message, he focused on the messenger and whether our pseudonym...",
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      "text": "You'll note that some of these questions point to potential material misstatements in SOFI's financial reports. It's fair to assume that if we're misunderstanding any important facts, you'll correct the record.",
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      "text": "“You’ll note that some of these questions point to potential material misstatements in SOFI’s financial reports. It’s fair to assume that if we’re misunderstanding any important facts, you’ll correct the record. Given the lack of responses the past three weeks, it should be fair to assume that if you do not respond this time, it’s because there are not “company favorable” replies you can offer.” — Muddy Waters to CFO Lapointe",
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