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Short-Seller vs Prize Fighter
Motley Fool Money
Hindenburg's Claims About Ponzi Schemes
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Hindenburg says the icons have levered up so much and they've taken so much money out in the form of margin loans against their own holdings. They presume that the icons are using the money that they have received from shares to prop up the company by buying additional shares, which would be Ponzi like. And it's fine if you can fill that hole, I guess. But if you can't, at some point the amount of capital that you have at your disposal is not going to be enough in order to keep the game going.
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