We are short Sportradar Group AG. At the ICE 2026 gaming conference in Barcelona, our investigators posed as operators of a startup sportsbook. We told SRAD's sales team — repeatedly and explicitly — that our target markets were Vietnam, Thailand, Indonesia, and China. Every one of these countries… more
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