{ "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", "aspectRatio": 1.2941177, "pageNumber": 69, "pageCount": 175, "prevPage": 68, "nextPage": 70, "slideType": "expose_contradiction", "function": "expose_contradiction", "density": "overcrowded", "nDataPoints": 0, "notes": "The slide uses a Q&A format and direct quotes to build a narrative of internal skepticism.", "elementsJson": [ "paragraph", "quote_block", "footnote" ], "metadataConfidence": 1, "imagePath": null, "slideHref": "/slides/019dd923-622c-750b-8b9a-1a3bea94baf9/69", "deckHref": "/decks/019dd923-622c-750b-8b9a-1a3bea94baf9", "deckJsonHref": "/decks/019dd923-622c-750b-8b9a-1a3bea94baf9.json", "deckAnchorHref": "/decks/019dd923-622c-750b-8b9a-1a3bea94baf9#slide-69", "components": [ { "bbox": null, "kind": "callout", "text": "Former employees we interviewed indicated a widespread awareness of and concern inside Ginkgo about its related-party/round-tripping business model: fear inside the company it may not be able to go public or could “be slammed by regulators”; indicated “confusion” at what Ginkgo counts as revenue and questioned if “money actually passed hands”; and suggested that concern around the circular flows was widespread internally.", "attrs": null, "subkind": null, "toolName": "Visual emphasis", "toolSlug": "visual-emphasis", "confidence": null, "componentId": "019dd953-2b62-723f-b68b-4741af16d6ad", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.05, "w": 0.9, "x": 0.05, "y": 0.25 }, "kind": "paragraph", "text": "Ex-employee indicated fear inside Ginkgo that it may not be able to go public or “be slammed by regulators” for its related party business model", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "2ae0f0b8-114a-49da-b055-fd6fba44a97f", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.05, "w": 0.9, "x": 0.05, "y": 0.45 }, "kind": "paragraph", "text": "Former employees were “confused” at what Ginkgo counts as revenue and questioned if “money actually passed hands”", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "3854a1f7-f014-47e8-8d72-d30d4aca6950", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.05, "w": 0.9, "x": 0.05, "y": 0.65 }, "kind": "paragraph", "text": "Ex-employee suggested widespread awareness and concern among Ginkgo’s employees around circular revenue and round-tripping", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "39a7101d-5868-4b73-b294-ea981abac3d0", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.1, "w": 0.9, "x": 0.05, "y": 0.3 }, "kind": "quote", "text": "A: “There was fear that Ginkgo would not be able to go public, or it would be slammed by regulators for having too many of these little companies.” Q: “There was fear that it would be slammed by regulators for having too many related party entities?” A: “Yes, that they wouldn't be allowed to go public or something like that. Obviously, that didn't end up being an issue.” – Former employee", "attrs": null, "subkind": "testimonial", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "3a2e51b6-3d26-4990-b946-ff7a160a025f", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.1, "w": 0.9, "x": 0.05, "y": 0.5 }, "kind": "quote", "text": "“I was always confused. I've never done accounting, but some of the ways they count revenue, I was like, okay, if you say so. I don't know if money actually passed hands because we now own another part of a company, and then they just get platform services for free, is that revenue?” – Former Ginkgo engineer", "attrs": null, "subkind": "testimonial", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "539a0c8a-a2d2-4b78-ba95-128044a5382d", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.2, "w": 0.9, "x": 0.05, "y": 0.7 }, "kind": "quote", "text": "“There are probably three different divisions of people. The first is the people that completely got it [the circularity] and were open about it and were getting in trouble and getting fired... the second group is aware of it but trying to be more careful... And then the last group were people that were just really stupid and didn't see it.” – Former employee", "attrs": null, "subkind": "testimonial", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "9787c65e-6258-4b76-beb2-a6d900e4f2e3", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "quote", "text": "“There was fear that Ginkgo would not be able to go public, or it would be slammed by regulators for having too many of these little companies.” — Former employee; “I was always confused. I've never done accounting, but some of the ways they count revenue, I was like, okay, if you say so. I don't know if money actually passed hands because we now own another part of a company, and then they just get platform services for free, is that revenue?” — Former Ginkgo engineer; “There are probably three different divisions of people. The first is the people that completely got it [the circularity] and were open about it and were getting in trouble and getting fired... the second group is aware of it but trying to be more careful... And then the last group were people that were just completely buying into the hype... I think they were psychologically brainwashed by their huge equity grant.” — Former employee", "attrs": null, "subkind": null, "toolName": "Authority citation", "toolSlug": "authority-citation", "confidence": null, "componentId": "019dd953-2b62-723f-b68b-4b58e365f277", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.02, "w": 0.3, "x": 0.05, "y": 0.95 }, "kind": "source-note", "text": "Source: Scorpion Capital consultation calls with experts", "attrs": null, "subkind": null, "toolName": null, "toolSlug": null, "confidence": null, "componentId": "70038377-83b9-4f11-ba1a-1f0428726f4d", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.15, "w": 0.9, "x": 0.05, "y": 0.08 }, "kind": "title", "text": "Former employees we interviewed indicated a widespread awareness of and concern inside Ginkgo about its related-party/round-tripping business model", "attrs": null, "subkind": "headline", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "860bdf1a-11cf-46ed-b636-0828f03a25ad", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [], "frameworks": [ { "name": "fraud-exposure", "slug": null, "matchId": "7a0c5ecd-ec84-4743-a22b-e3f39c9a747f", "evidence": "The slide uses expert testimony to expose potential accounting fraud and circular revenue practices.", "confidence": 0.9 } ], "arcBeats": [ { "to": 175, "from": 9, "beatId": "ffe290af-3a4f-4e06-8d60-dfbfc07d2e08", "arcName": "Overcoming the Monster", "arcSlug": "overcoming-monster", "beatName": "Expose Contradiction", "beatSlug": null, "evidence": "The deck presents evidence contradicting Ginkgo's claims and highlighting potential wrongdoings.", "position": 1, "confidence": 0.8, "parentBeatName": null, "parentBeatSlug": null } ], "loops": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }