{ "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": 96, "pageCount": 175, "prevPage": 95, "nextPage": 97, "slideType": "expose_contradiction", "function": "expose_contradiction", "density": "overcrowded", "nDataPoints": 0, "notes": "The slide uses highlighted text to emphasize key phrases within the quotes.", "elementsJson": [ "paragraph", "quote_block", "footnote" ], "metadataConfidence": 1, "imagePath": null, "slideHref": "/slides/019dd923-622c-750b-8b9a-1a3bea94baf9/96", "deckHref": "/decks/019dd923-622c-750b-8b9a-1a3bea94baf9", "deckJsonHref": "/decks/019dd923-622c-750b-8b9a-1a3bea94baf9.json", "deckAnchorHref": "/decks/019dd923-622c-750b-8b9a-1a3bea94baf9#slide-96", "components": [ { "bbox": null, "kind": "callout", "text": "While Ginkgo claims that its related-party “customers” are arms-length vendor-customer relationships, former employees as well as current staff at these entities indicated the exact opposite: extensive “overlap and intermingling”; “a close association”; “specifically propped up” by Ginkgo.", "attrs": null, "subkind": null, "toolName": "Visual emphasis", "toolSlug": "visual-emphasis", "confidence": null, "componentId": "019dd953-2b62-723f-b68d-a3264fe807da", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.12, "w": 0.9, "x": 0.05, "y": 0.64 }, "kind": "paragraph", "text": "Murky situations where Ginkgo still paying them even though they work for the related party\n“What happened to prop up the companies? A few employees, like a technical person and maybe a business person who was going to eventually switch over, would get seconded so that they keep benefits from Ginkgo, but then Joyn was paying them, or something like that. And then, they fully switched over.... Ginkgo’s PR firm does Joyn PR and Motif” - Former Ginkgo employee, longtime direct report to CEO Jason Kelly", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "65fdefae-fbe5-4ff7-b143-7b3df842f390", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.08, "w": 0.9, "x": 0.05, "y": 0.77 }, "kind": "paragraph", "text": "Related parties are co-located in the same building and “pretty much all together all the time”\n“Generally, they’re co-located. Allonnia was just one or two floors above Ginkgo in the same Seaport building. Yeah, they were pretty much all together all the time.” - Former employee in a managerial role", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "b646f8ed-f276-4335-8654-c3e8489737dd", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.08, "w": 0.9, "x": 0.05, "y": 0.86 }, "kind": "paragraph", "text": "Entities are co-located; they still conduct their research at Ginkgo\n“In the building, these companies are co-located, and then eventually they’re moved to their own place. So, Motif Foodworks now have their own space. Joyn Bio still lives in Allonnia with Ginkgo...Generally, they are close by because the idea is that a lot of the research is still done at Ginkgo Bioworks.” - Current Allonnia employee", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "c5f663c9-ec29-4ccf-ae7b-efae80c8dcff", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.12, "w": 0.9, "x": 0.05, "y": 0.35 }, "kind": "paragraph", "text": "Former direct report to CEO affirmed that the entities are intermingled and “specifically propped up”\nQ: “It sounds like Joyn, Motif, and Allonnia, are they essentially pretty intermingled with Ginkgo?”\nA: “Yeah, they were all specifically propped up because there was a very clear business opportunity that intersected with Ginkgo’s core expertise.”- Former Ginkgo employee, longtime direct report to CEO Jason Kelly", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "ee192a14-1f5b-48e5-828a-969f93556d61", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.15, "w": 0.9, "x": 0.05, "y": 0.48 }, "kind": "paragraph", "text": "The ex-employee continued that “there’s overlap and intermingling” and “a close association”\n“Motif moved to the second floor of the building and built out their own food tech-specific lab. But there’s a close association and Jason’s on the board of both companies, and Allonnia and stuff, too. What each subsequent company has done has been, like there’s a good separation. There’s overlap and intermingling where it’s really beneficial.” - Former Ginkgo employee, longtime direct report to CEO Jason Kelly", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "f88ce461-cbc7-40b7-8027-d7019a76813e", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "quote", "text": "“Yeah, they were all specifically propped up because there was a very clear business opportunity that intersected with Ginkgo's core expertise.” — Former Ginkgo employee, longtime direct report to CEO Jason Kelly", "attrs": null, "subkind": null, "toolName": "Authority citation", "toolSlug": "authority-citation", "confidence": null, "componentId": "019dd953-2b62-723f-b68d-a7b7284caaf5", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.02, "w": 0.25, "x": 0.05, "y": 0.96 }, "kind": "source-note", "text": "Source: Scorpion Capital consultation calls with experts", "attrs": null, "subkind": null, "toolName": null, "toolSlug": null, "confidence": null, "componentId": "ee40cf1a-d119-4520-8fb9-557bfb9c33bd", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.25, "w": 0.9, "x": 0.05, "y": 0.08 }, "kind": "title", "text": "While Ginkgo claims that its related-party “customers” are arms-length vendor-customer relationships, former employees as well as current staff at these entities indicated the exact opposite: extensive “overlap and intermingling”; “a close association”; “specifically propped up” by Ginkgo: co-located in Ginkgo’s headquarters and “pretty much all together all the time”; murky situations where Ginkgo still paid staff even though they “worked” for the related-party “customer.”", "attrs": null, "subkind": "headline", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "99a13f0c-a654-4f55-9682-e09ce44196ca", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [], "frameworks": [ { "name": "fraud-exposure", "slug": null, "matchId": "fb6b5b3f-8199-429d-aa43-e2b0461153e5", "evidence": "The slide systematically presents evidence from internal sources to contradict public claims made by the company.", "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 }