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  "documentTitle": "Twist Bioscience (TWST)",
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  "presentationDate": "2022-11-15 00:00:00",
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      "text": "Twist used “shocking” discounts of 75% to lure customers away from Danaher/IDT, which allegedly used the phrase “Ponzi scheme” in internal discussions",
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      "text": "Twist used “shocking” discounts of 75% to lure customers aways from Danaher/IDT, which allegedly used the phrase “Ponzi scheme” in internal discussions",
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      "text": "Danaher/IDT are just “waiting” Twist out; allegedly looked at buying Twist years ago but walked; sentiment in the space about Twist’s similarity to a Ponzi scheme",
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      "text": "A: “Seventy-five percent discount. That is correct. It was shocking.” Q: “It sounds similar to a Ponzi scheme. It’s like you’re basically giving away product. You’re buying market share. You burn money hand over fist to show growth. Then, the only way you can show more growth is by raising more money to give away more money to customers with these obscene prices.” A: “Yeah, I think that was the exact phrase that was used in internal discussions, yeah.” Q: “You guys used the phrase “Ponzi scheme,” or somebody mentioned it?” A: “Yeah...it was a word that was used. There was a remarkable amount of skepticism, which is why the response was patience. Let’s see how this plays out.” Q: “Did you hear that word more than once, just out of curiosity?” A: “Yeah, absolutely.” –IDT ex-regional sales manager, left recently",
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      "text": "A: “I would say, yeah, largely, they’re waiting it out. Originally, the buy team was put together to buy Twist, and then they walked very quickly. 2017, 2018. I think that’s when Danaher –” Q: “Have you heard other people in the space using the phrase “Ponzi scheme” or express a similar sentiment?” A: “Sentiment, but I never heard the actual term. But yes, the Ponzi scheme, I’ve never heard it called that. But yes, similarly, yes, I’ve heard people say things like that. Most of it is the revenues they’re putting together. They’re just buying market share and continually buying more and more.” –Longtime executive in Twist’s space",
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      "text": "“Yeah...it was a word that was used. There was a remarkable amount of skepticism, which is why the response was patience. Let’s see how this plays out.” — IDT ex-regional sales manager",
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      "text": "Source: Scorpion Capital consultation calls with experts",
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      "text": "Two of Twist’s competitors told us that they’ve internally used the phrase “Ponzi scheme” to describe Twist, given its “shocking” discounts. A third indicated similar but not exact language, stating that Danaher looked at buying Twist in 2017 or 2018 and “walked very quickly” after getting a whiff, adding that their IDT division, which competes with Twist, is “just waiting it out” until the scheme collapses – “the response was patience…let’s see how this plays out.”",
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