Paul BIONDI @PBIONDI

I am not one who is prone to blame stock price movement on manipulation. That being said, the price action on $SOFI on Monday and especially Tuesday is extremely suspicious. SoFi has had some bad days, but Tuesday's -15.3% move was the worst day ever in the history of the stock. Through the entire 2021-2022 bear market, the $1.1B senior convertible note offering, SPAC lockup nonsense, Technisys acquisition and the dilution that came with it, the $UPST massive misses that dragged the stock downward, huge CPI prints, four straight 75 bps rate hikes, neverending student loan moratorium extensions, a banking crisis, and more, SoFi had never had as bad of a day as Tuesday. What catalyzed the huge selfoff? A $750M convertible note offering and retirement of $600M of debt through an equity raise. The news has some negative and some positive aspects to it, but is probably somewhat positive to neutral on the whole. Yet somehow that led to the largest single day drop ever. What would be the incentive to drop the stock price? Those who are financing the $750M notes knew that the conversion price would be determined by Tuesday's closing price. Every cent the stock went down is more shares for them in the future. Let's assume for a second that by 2029, SoFi manages to get back to its all time high of $25. If the conversion price were pegged to the $8.99 price it closed at last Friday, the $750M investment would end up being worth $1.6B. However, because the conversation is calculated from $7.27, that same investment turns into $2.0B. Convertible note holders will end up with 24% more shares at the end of the day than they would have gotten if the conversion price was from two days earlier. As the late Charlie Munger famously said, "Show me the incentive and I will show you the outcome."

The presidents of @Harvard, @MIT, and @Penn were all asked the following question under oath at today’s congressional hearing on antisemitism: Does calling for the genocide of Jews violate [your university’s] code of conduct or rules regarding bullying or harassment? The answers they gave reflect the profound moral bankruptcy of Presidents Gay, Magill and Kornbluth. Representative @EliseStefanik was so shocked with the answers that she asked each of them the same question over and over again, and they gave the same answers over and over again. In short, they said: It ‘depends on the context’ and ‘whether the speech turns into conduct,’ that is, actually killing Jews. This could be the most extraordinary testimony ever elicited in the Congress, certainly on the topic of genocide, which to remind us all is: “the deliberate killing of a large number of people from a particular nation or ethnic group with the aim of destroying that nation or group” The presidents’ answers reflect the profound educational, moral and ethical failures that pervade certain of our elite educational institutions due in large part to their failed leadership. Don’t take my word for it. You must watch the following three minutes. By the end, you will be where I am. They must all resign in disgrace. If a CEO of one of our companies gave a similar answer, he or she would be toast within the hour. Why has antisemitism exploded on campus and around the world? Because of leaders like Presidents Gay, Magill and Kornbluth who believe genocide depends on the context. To think that these are the leaders of Ivy League institutions that are charged with the responsibility to educate our best and brightest. On the bright side, our congressional leaders deserve accolades for showing tremendous leadership and moral clarity in their statements, by the questions they asked, and the respectfulness with which they conducted the hearing. It was a masterclass of how our government and democracy should operate. If you have time, please watch the entire hearing. Throughout the hearing, the three behaved like hostile witnesses, exhibiting a profound disdain for the Congress with their smiles and smirks, and their outright refusal to answer basic questions with a yes or no answer.

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