Muddy Waters accuses SoFi of dilution, debt masking, and misstatements
Muddy Waters Research alleges SoFi Technologies uses financial engineering to dilute shareholders, disguises borrowings as revenue (including a claim of a $312 million unrecorded debt), and ties student-loan and secured-loan activities to management bonuses rather than genuine economic value, suggesting potential widespread misstatements and aggressive equity issuance to hit targets.
