{ "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": 99, "pageCount": 175, "prevPage": 98, "nextPage": 100, "slideType": "expose_contradiction", "function": "expose_contradiction", "density": "dense", "nDataPoints": 0, "notes": "The slide uses highlighted text to emphasize key admissions of intermingling.", "elementsJson": [ "paragraph", "quote_block", "footnote" ], "metadataConfidence": 1, "imagePath": null, "slideHref": "/slides/019dd923-622c-750b-8b9a-1a3bea94baf9/99", "deckHref": "/decks/019dd923-622c-750b-8b9a-1a3bea94baf9", "deckJsonHref": "/decks/019dd923-622c-750b-8b9a-1a3bea94baf9.json", "deckAnchorHref": "/decks/019dd923-622c-750b-8b9a-1a3bea94baf9#slide-99", "components": [ { "bbox": null, "kind": "callout", "text": "Comments by current Joyn employees and ex-Ginkgo employees indicates that Ginkgo and its related parties are intermingled; that the relationship is anything but arms-length; and resembles nothing like a typical vendor-customer arrangement", "attrs": null, "subkind": null, "toolName": "Visual emphasis", "toolSlug": "visual-emphasis", "confidence": null, "componentId": "019dd953-2b62-723f-b68e-702f9c1546e0", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.3, "w": 0.9, "x": 0.05, "y": 0.6 }, "kind": "paragraph", "text": "Outsourced key functions to Ginkgo\nQ: “Why would a company that's raised at least what appears to be $50 million-plus - t's kind of unusual to not have a CFO and all of those kinds of things. It's a little bit unusual as a structure.”\nA: “The goal for us is we're running lean, so we've also grown pretty rapidly, so it didn't make sense early on to have those functions. I think we're going to certainly take a hard look—I should say, you can see publicly posted a job ad that we're looking for a VP equivalent for HR. So, we are starting to fill out some of the functions. It's a kind of transitional point for us. But it was a very intentional goal that we wanted to be really lean, and, in fact, if you think about the partnership with Ginkgo, it was a similar kind of thing. We didn't set up DNA sequencing or synthesis. We didn't set up robotics, all that. We're leveraging them. So, it was a consistent approach.” – Current Joyn executive", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "5d917f0b-7b64-4a30-82d0-8404f854c529", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.1, "w": 0.9, "x": 0.05, "y": 0.45 }, "kind": "paragraph", "text": "Ginkgo employees were seconded to Joyn\n“For Joyn, what they did is a number of Ginkgo's technical people got seconded over to Joyn, and a lot of them ended up becoming full-time employees there.” - Former Ginkgo employee, longtime direct report to CEO Jason Kelly", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "8e1c8038-445a-493a-9d03-8adcad34af00", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.15, "w": 0.9, "x": 0.05, "y": 0.25 }, "kind": "paragraph", "text": "“We’ve been intimately connected with them”\nQ: “Does the company use Ginkgo exclusively for its R&D and foundry services, or do you use other competitors to Ginkgo as well?”\nA: “I don’t think we’re talking about that publicly, but we do a lot of work with Ginkgo, I’ll say. We’ve been intimately connected with them, and certainly, there are things that are outside their expertise, specific kinds of testing.” – Current Joyn executive", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "cfeaa2af-b8b3-47a2-b89c-c558fe6554eb", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "quote", "text": "\"I don't think we're talking about that publicly, but we do a lot of work with Ginkgo, I'll say. We've been intimately connected with them, and certainly, there are things that are outside their expertise, specific kinds of testing.\" — Current Joyn executive; \"For Joyn, what they did is a number of Ginkgo's technical people got seconded over to Joyn, and a lot of them ended up becoming full-time employees there.\" — Former Ginkgo employee, longtime direct report to CEO Jason Kelly; \"The goal for us is we're running lean, so we've also grown pretty rapidly, so it didn't make sense early on to have those functions... But it was a very intentional goal that we wanted to be really lean, and, in fact, if you think about the partnership with Ginkgo, it was a similar kind of thing. We didn't set up DNA sequencing or synthesis. We didn't set up robotics, all that. We're leveraging them. So, it was a consistent approach.\" — Current Joyn executive", "attrs": null, "subkind": null, "toolName": "Authority citation", "toolSlug": "authority-citation", "confidence": null, "componentId": "019dd953-2b62-723f-b68e-74eaa6cb2ef4", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.02, "w": 0.3, "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": "bd8b5df3-6ca4-4422-aca7-ab39296dbd8c", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.15, "w": 0.9, "x": 0.05, "y": 0.08 }, "kind": "title", "text": "Comments by current Joyn employees and ex-Ginkgo employees indicates that Ginkgo and its related parties are intermingled; that the relationship is anything but arms-length; and resembles nothing like a typical vendor-customer arrangement - Ginkgo staff “got seconded over to Joyn”; “we’ve been intimately connected with them”; Joyn outsourced key functions to Ginkgo.", "attrs": null, "subkind": "headline", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "f3964cbb-3f6d-4301-8a0d-71d95815d246", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [], "frameworks": [ { "name": "fraud-exposure", "slug": null, "matchId": "01c278f9-6384-4452-ba4a-1e90f91cf900", "evidence": "The slide presents evidence of non-arms-length transactions and intermingling of staff to suggest potential corporate malfeasance.", "confidence": 0.85 } ], "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 }