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  "documentTitle": "Ginkgo Bioworks (DNA)",
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  "authorName": "Scorpion Capital",
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  "presentationDate": "2021-10-06 00:00:00",
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  "notes": "This is a slide from a short-seller activist report (likely Scorpion Capital).",
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      "text": "Based on interviews with its related-party “customers,” we believe that at least half of Ginkgo’s reported revenue is phantom – that is, non-cash and pure accounting hocus-pocus",
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      "text": "revenue: 50%",
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      "text": "4. We believe that not only is ~100% of Ginkgo’s reported Foundry revenue from related parties, but that the actual truth is far more nefarious and suggests that it is a hoax for the ages. Ginkgo is opaque about the percent of its revenue and deferred revenue which is cash versus non-cash. Based on interviews with its related-party “customers,” we believe that at least half of Ginkgo’s reported revenue is phantom – that is, non-cash and pure accounting hocus-pocus",
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