Short-Seller Carson Block Says SoFi Profits Are ‘Fake,’ Likens Firm to Enron: Report

Short-seller Carson Block on Monday reportedly compared SoFi Technologies Inc. (SOFI) to bankrupt Enron, alleging that the company’s profits for a given period are fake.

According to a Business Insider report, Block followed up on his firm Muddy Waters Research’s bearish bet on SoFi with a new letter, stating that it operates in a “gray zone.”

“We chose SOFI as a campaign subject because its financial reporting genuinely bothers us. In all seriousness, substantially all its profits in a given period are, for lack of a better word, fake,” Block stated in the letter.

Shares of SoFi Technologies were up more than 2% in Monday morning’s trade. Retail sentiment on Stocktwits around the company trended in the ‘bearish’ territory at the time of writing.

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