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  "docSlug": "c358888161f0",
  "documentTitle": "Ginkgo Bioworks (DNA)",
  "authorId": "58_Scorpion_Capital",
  "authorName": "Scorpion Capital",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2021-10-06 00:00:00",
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  "notes": "The slide uses aggressive, metaphorical language ('clasping collars', 'chain them to the doghouse') to frame the relationship as exploitative.",
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      "kind": "callout",
      "text": "Ginkgo’s related party “customers” share several troubling features",
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      "text": "1. The related parties are housed inside Ginkgo’s headquarters and use the same address. They are generally located inside the office itself and share office and lab space, and in some cases are a few floors above or below.\n2. The websites for the entities are vaporous, vague brochures similar to superficial Instagram posts. In some cases, the sites appear to be designed and run by Ginkgo, or are simply cut and pastes of the same design template.\n3. The related parties generally have few or zero employees on LinkedIn, and the actual employee counts bear no plausible relationship to the related party revenue and deferred revenue that Ginkgo books from them.\n4. The entities typically lack finance, treasury, HR, legal, or other G&A staff on LinkedIn, indicating they are neither designed to nor actually operate independently from Ginkgo.",
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      "text": "Beyond who created them, funded them, governs them via board seats, and locks up their R&D spend via “Foundry Services Agreements,” “Technical Development Agreements,” and other control mechanisms, the related parties share other characteristics that reveal their de facto status as captive entities and subsidiaries. Clasping collars around their necks doesn’t appear to be sufficient - Ginkgo dispenses with all pretense of legitimacy and then proceeds to chain them to the doghouse.",
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      "text": "Source: Soaring Eagle Acquisition Corp prospectus 8/13/2021, https://www.sec.gov/Archives/edgar/data/0001830214/000119312521246097/d177007d424b3.htm; Scorpion Capital analysis and estimates; Ginkgo press release and websites; websites for each related party; LinkedIn searches",
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