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Ticker: SOFI Company: SoFi Technologies, Inc.

Muddy Waters Says SoFi Booked a $312M JPMorgan Loan as a Sale — and a ~$1B EBITDA Restatement May Follow

A Utah UCC filing names JPMorgan as "senior lender" and SoFi Bank as "Debtor" on the same transaction SoFi's CFO publicly called a loan sale — Muddy Waters argues the gap between those two descriptions points to improper accounting that could unwind nearly $1 billion in previously reported EBITDA

Mar 30, 2026 6 min read
Author: Muddy Waters Research Ticker: APP

APP’s Persistent Lies, Denying Use of Persistent IDs (APP US)

AppLovin's privacy tracking scandal exposed: Persistent identifiers violate user privacy, enabling cross-domain ad tracking through Max SDK, risking regulatory action and platform deplatforming

May 7, 2025 3 min read
Author: Muddy Waters Research Ticker: APP

MW is Short AppLovin (APP US)

AppLovin accused of unauthorized data tracking, creating Persistent Identity Graphs across platforms like Meta and Google, with only 25-35% of e-commerce sales truly incremental, raising significant privacy and performance metric concerns

Mar 27, 2025 3 min read
Ticker: FTAI Author: Muddy Waters Research

FTAI Aviation: Financial Engineering and Accounting Manipulation in the MRO Business

Muddy Waters exposes FTAI Aviation's financial engineering, revealing accounting manipulation in aerospace sector with alleged revenue misclassification, inflated margins, and questionable module sales practices targeting investors and market perception

Jan 15, 2025 3 min read

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