SoFi slides as Muddy Waters short claims keep pressure on valuation and sentiment
SoFi Technologies shares are down about 3.7% on April 2, 2026, extending volatility tied to investor scrutiny of its reported profitability. The overhang remains a recent Muddy Waters short campaign alleging SoFi’s 2025 adjusted EBITDA is inflated by roughly 90%, which the company has rejected and said it may pursue legal action over.
1. What’s moving the stock
SoFi Technologies (SOFI) is trading lower today (down ~3.7% to about $15.09) as the market continues to reprice the stock amid heightened skepticism around its underlying earnings quality and balance-sheet presentation. The dominant narrative driving the tape remains the ongoing short-seller dispute rather than a fresh company-specific release this morning. (muddywatersresearch.com)
2. The catalyst investors keep focusing on
In mid-March, Muddy Waters publicly disclosed it is short SOFI and published a report alleging SoFi’s 2025 adjusted EBITDA is inflated by approximately 90%, later pressing the company with follow-up commentary. That short thesis has acted as an overhang on sentiment, contributing to choppy trading and downside follow-through in subsequent sessions. (muddywatersresearch.com)
3. Company response and what to watch next
SoFi has strongly disputed the allegations, calling them factually inaccurate and misleading, and said it intends to explore potential legal action. The next key swing factor is whether SoFi adds more granular reconciliation and balance-sheet disclosures (beyond its initial statement) that persuades investors on the core claims, or whether the debate remains unresolved into upcoming reporting periods. (s27.q4cdn.com)