Muddy Waters flags $1 bn EBITDA risk in SoFi‑JPM deal

SoFi faces its worst quarter in four years as Muddy Waters flagged a $312 million JPMorgan deal potentially booked incorrectly as a sale. The short seller warned this error could trigger a $1 billion EBITDA restatement and lower capital ratios, building on previous claims of hidden debt and accounting issues.