SAN MATEO, CA — 2020 IPO darling Snowflake (NYSE: SNOW) saw it’s share price nose dive lower earlier today after rumors began swirling that the video showing their cloud infrastructure speeding down a hill was actually staged. This claim was first brought up by famed short-selling firm Titanic Research, who provided their own video shot at an alternate angle showing that the cloud infrastructure required assistance to get moving and was then clearly rolled down a hill.
Snowflake CEO Frank Slootman dismissed the claims as ludicrous saying, “Our cloud infrastructure is fully self-propelled and it’s crazy that a short seller would even claim anything to the contrary. Anyone with half a brain knows how easy it is to doctor a video and I plan on refuting every claim one by one at a later date.”
Titanic’s head Adam Wright stands by the veracity of the video. “We will soon bring to light evidence proving that our video isn’t a fake and that Snowflake is a total fraud. The SEC is currently reviewing all the info and our advice to anyone long the stock is simply this: don’t be.”
While unwilling to divulge their exact position Titanic is heavily short shares of Snowflake and emphatically claims ‘it’s a zero.’
As of this writing Slootman’s Twitter account had been deleted and his whereabouts were unconfirmed.