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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

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

MW is Short Danimer Scientific, Inc. (DNMR US)

Muddy Waters is short DNMR.  We conclude that DNMR has significantly misrepresented the state of its customer relationships, product development, readiness to scale, and TAM for PHAs.  Both the money that DNMR spent buying Novomer and the cash it intends to spend on capacity expansion strike us as H… more

Solutions 30: Locked Doors (S30 FP)

We have been short S30 since May 2019, and it has been a long and strange journey.  We analogize the present situation to this: Imagine if you thought your partner is cheating on you with another.  You arrive at your house at a moment you believe the cheating is taking place, and see your partner’s… more

XL Fleet: Not Denying Much, Still SPAC Trash (XL US)

On March 8, 2021, XL issued a multi-page response to our March 3rd report.1 The response did not deny key claims of company misrepresentations. On the next page is a summary table of the key claims that we made in our initial report, and whether in our view XL specifically denied them in its respons… more

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