Doing the Work
Wall Street Won’t

Muddy Waters peels back the layers, often built up by seemingly respected but sycophantic law firms, auditors, and venal managements.

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Latest Reports

DLO: Why Won’t dLocal Put Anything in Writing? (DLO US)

We are more convinced than before that DLO used client funds to pay a special dividend to its pre-IPO shareholders.  Rather than provide a detailed written explanation of the various issues we believe are byproducts of fraud and misusing client funds, DLO is holding a series of calls with brokers an… more

Muddy Waters is Short DLocal Ltd. (DLO US)

Muddy Waters is short DLocal Ltd. (NASDAQ: DLO).  DLO, a fast-growing payments company based in Uruguay, spun out of a high-risk processing business, has reported stellar growth and profitability that makes it an outlier.  While we have found no pictures of its CEO wearing black turtlenecks, our res… more

The Shade of Sunrun (RUN US)

Sunrun (RUN) continues the grand tradition of consultant-advised responses that largely avoid substance, yet span several pages.  We herein focus the discussion on what was unsaid, and the little that was said.… more

MW is Short Sunrun Inc. (RUN US)

Muddy Waters is short Sunrun Inc. (RUN) because we see it as an uneconomic business built on three shaky pillars: The equity story of exaggerated “Subscriber Values” and “Gross / Net Earning Assets”, funding growth through abusing tax incentives, and issuing ABS that could be exposed to a RUN bankru… more

MW is Short KE Holdings Inc. (BEKE US)

We are short BEKE because we conclude the Company is engaged in systemic fraud, by our estimate, inflating its new home sales GTV by over ~126% and its commission revenues by approximately ~77–96%.  We found massive discrepancies between the transaction volumes, store count and agent count reported… more

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