SoFi: The Short Thesis
The independent research firm and short-seller, Muddy Waters Research, recently published a 28-page short report on the popular digital bank SoFi (NASDAQ: SOFI). SoFi pitches itself as a one-stop-shop digital bank that can meet all financial needs, largely targeting a high-income population.
The bank's products and services include personal, student, and home mortgage loans, an online investment brokerage, depository accounts, and other personal finance tools. SoFi also owns a bank technology business that provides core processing and payments technology to fintechs and other banks.
Muddy Waters said it was shorting SoFi due to what it believes are improper accounting practices, financial engineering, and a complex web of off-balance-sheet transactions that distort the business's actual performance.
Source Fool.com
Waters Corp. Stock
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