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Larry Ramer

CEO Anthony Noto Just Bought 28,900 Shares of SoFi Stock. Should You Back Up the Truck?

SOFI Anthony Noto Muddy Waters SoFi Technologies

SoFi Technologies (SOFI) CEO Anthony Noto recently bought 28,900 shares of SOFI stock, but investors shouldn't back up the truck just yet. First, given Noto's huge net worth, he himself arguably did not “back up the truck.” Secondly, as short-selling firm Muddy Waters points out, the company is facing meaningful risk from the AI revolution. Other macro trends could significantly damage SoFi, while earlier this week the firm was accused of some noteworthy accounting irregularities.

In light of all of these factors, SOFI stock appears quite risky at this point.

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