Hindenburg's new target - Jack Dorsey! | Report Explained | Jagran Business

Saumya JaiswarPublish Date: 27 Mar, 2023

Former Twitter CEO Jack Dorsey has been the target of American investment firm Hindenburg Research. The mobile payments company Block run by Mr. Dorsey "widely overstated" the size of its user base, according to the Hindenburg investigation.

Jack Dorsey, a co-founder of Bloc Inc., saw a significant decline in his wealth on Thursday (March 23), losing more than $500 million after Hindenburg Research, a short-seller based in New York, claimed that Bloc Inc. overstated the number of users on its Cash App platform while understating the cost of acquiring new users.

After an 11% decline, Dorsey's net worth is currently $4.4 billion, according to the Bloomberg Billionaires Index. Before the New York Stock Exchange closed for the day on Thursday, Block's shares fell 15%, wiping out all of the gains gained thus far this year.

By claiming that Hindenburg's report is "factually inaccurate and misleading," the company has refuted every accusation. Additionally, it stated that it would consider legal options against the short seller company in cooperation with the US securities regulator, according to Reuters.

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