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  "documentTitle": "Ginkgo Bioworks (DNA)",
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      "text": "I saw a lot of stuff, but I have a limited view. I believe that this was being done far more widely.",
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      "text": "Ex-employee expects Ginkgo to “ratchet” up round-tripping and circular flows to show growth; suggested desperation; alleged witnessing round-tripping personally and thinks “they’re doing it left and right”",
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      "text": "Ex-employee was surprised to discover that a round-tripping arrangement had been struck with a recently announced partner, without Ginkgo disclosing it in their filings; stated that Ginkgo made an alleged $5MM Series A investment and further failed to disclose it in the press release announcing the partnership",
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      "text": "“I’m guessing that moving forward, because of how disappointed their customers have been, they’re going to have to ratchet that higher to continue their growth rate. They’re probably; they’re quite desperate. I saw it happen on deals. The next thing I knew, the circular thing had happened with companies and I had no say in it. I think they’re doing it left and right.” – Former employee",
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      "text": "A: “I would [redacted] a company in the space in which [redacted...and the next thing I knew, I got told that Ginkgo had invested in that company and they were paying it back so that Ginkgo could develop a strain for them. I don’t think that’s in their filings.” Q: “Do you know what the scale this was of investment and roundtripping?” A: “This particular one was about $5 million.” Q: “Is this one that they’ve disclosed as far as you’re aware?” A: “They did make an announcement of this partnership; they did not say that it was circular. All they said was that they had partnered with the company, but they didn’t say anything about the way that it was being funded.” Q: “So, they put out a press release, but the press release did not state that they invested in them?” A: “Nope. It just said that they were partnering. They contributed $5 million to the Series A.” Q: “Were there other examples of that?” A: “Of the circular revenue?” Q: “Yeah, that they didn’t announce. Are you saying that they were typical—there were other examples of their doing that on a smaller scale and not disclosing it?” A: “Definitely, yeah. I saw a lot of stuff, but I have a limited view. I believe that this was being done far more widely.” – Former employee",
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      "text": "“I’m guessing that moving forward, because of how disappointed their customers have been, they’re going to have to ratchet that higher to continue their growth rate. They’re probably; they’re quite desperate. I saw it happen on deals. The next thing I knew, the circular thing had happened with companies and I had no say in it. I think they’re doing it left and right.” — Former employee",
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      "text": "Source: Scorpion Capital consultation calls with experts",
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