Home

Muddy Waters is short SOFI. SOFI's management appears to have booked a $312 million loan from JPMorgan as if it were a sale—inflating reported profits and their own bonuses while shareholders bear ~15% annual dilution. In our first report, we highlighted unrecorded borrowings of $312 million. SOFI h… more

Muddy Waters is short SOFI. On March 17, we published a 28-page report concluding that SOFI’s 2025 Adjusted EBITDA is inflated by approximately 90%. SOFI’s response was a press release that did not address a single factual claim. CEO Noto purchased $500,000 of stock—roughly 0.86% of the $58.3 millio… more

SOFI is a financial engineering treadmill, not a healthily growing origination business. SOFI shareholders are incessantly diluted so management can hit bonus targets through GE Capital-style loan marks and Enron-esque off-balance-sheet structures that disguise borrowings as revenue. SOFI also ap… more

Muddy Waters is short AppLovin (APP). APP’s CEO and CTO responded to our initial report (dated Match 27, 2025) with demonstrably false statements. In contrast to its CEO and CTO’s claims, APP continues to use persistent identifiers that violate users’ privacy and partner platforms’ terms of service.… more

Muddy Waters is short APP. Web traffic analysis leads us to estimate that ~52% of APPs e-commerce conversions are retargeting and incrementality is only ~25%-35%.  Code evidences that APP is collecting and structuring user IDs from its key platform partners, which appears to be a major violation of… more

In apparent violation of U.S. sanctions, an Iranian entity seems to have acquired FTAI product. Muddy Waters presents the case in a series of slides that include evidence published on LinkedIn in January and February 2025 by an Iranian airline executive of Sorena Turbine, an aircraft MRO based in Ir… more

Muddy Waters is short FTAI Aviation Ltd. (FTAI US) because its financial reporting is highly misleading. We believe revenue from true maintenance and individual off-the-rack module sales are materially lower than reported. FTAI, in our view, is misleading investors by reporting one-time engine sales… more