Muddy Waters 做空 Sunrun Inc .（ Sun Run Inc .），因为我们认为它是一个不经济的业务，其三大支柱摇摇欲坠:“订户价值”和“总/净盈利资产”，通过滥用税收优惠资助增长，并发行可能面临 RUN 破产的 ABS 。这些支柱反过来又建立在可疑的金融模式的基础上。如果这三大支柱之一出现问题， RUN 可能会面临资金缺口，并需要股票发行量继续增长。内部人士已经成为超级富豪，自 2020 年 7 月以来净卖出了2.059亿美元的股票。RUN 是自 2020 年 1 月以来的第三位首席财务官。


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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 bankruptcy. These pillars, in turn, are built on a foundation of dubious financial models. If one of these three pillars wobbles, RUN would likely face a funding gap and would require equity issuances to continue growing. Insiders have already become ultra-wealthy, having net sold shares since July 2020 for $205.9 million. RUN is on its third CFO since January 2020.$第一太阳能(FSLR)$ $Sunrun(RUN)$ $SunPower(SPWR)$