{
  "docId": "019dd923-622c-750b-8b9a-1a3bea94baf9",
  "docSlug": "c358888161f0",
  "documentTitle": "Ginkgo Bioworks (DNA)",
  "authorId": "58_Scorpion_Capital",
  "authorName": "Scorpion Capital",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2021-10-06 00:00:00",
  "orientation": "landscape",
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  "pageNumber": 16,
  "pageCount": 175,
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  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "balanced",
  "nDataPoints": 4,
  "notes": "The slide uses a narrative structure to link an investor (Viking) to questionable related-party transactions involving the target company (Ginkgo).",
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  "slideHref": "/slides/019dd923-622c-750b-8b9a-1a3bea94baf9/16",
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      "kind": "callout",
      "text": "Representative examples of Viking’s investments in Ginkgo’s related-party “customers”",
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      "kind": "list",
      "text": "Genomatica announced $90 equity raise – Viking is largest shareholder, Ginkgo investor Casdin Capital led new round. Verb Biotics and Ayana Bio – both related-parties funded by Viking and Ginkgo investor Cascade. Kalo Ingredients.",
      "attrs": null,
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      },
      "kind": "paragraph",
      "text": "Unlike Paulson, Ackman, and other famous investors who fell for a fraud, Viking’s role in Ginkgo is different, and we believe, more troubling. Halvorsen is not a stupid man. He has likely been shorting stocks for a quarter century, and he and his crackerjack long/short analysts can probably smell an old-fashioned related-party fraud a mile away. Yet, at one related-party “customer” of Ginkgo’s after another that we investigated, we encountered Viking – playing a central role or lurking in the background. In a number of related-parties, such as the shell Kalo Ingredients, Ginkgo is coy and states merely that they were financed by “certain of our investors,” which we find unusual as some of these appear to be ~$80-120MM rounds – what is there to hide?",
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      "bbox": null,
      "kind": "quote",
      "text": "Simultaneously with the arrangements between Ginkgo and each of Ayana Bio, LLC and Verb Biotics, LLC, Cascade Investment L.L.C. and entities affiliated with Viking Global Opportunities Illiquid Investments Sub-Master LP, each of which hold more than 5% of Ginkgo’s outstanding capital stock, invested approximately $7.5 million and $22.5 million, respectively, in each company. — Soaring Eagle Acquisition Corp prospectus 8/13/2021",
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      "arcName": "Overcoming the Monster",
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      "beatName": "Villain Critique",
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