Jack Dorsey’s wealth tumbles USD 526 Million after Hindenburg report takes aim at his payments firm block, says it overstated user numbers
Shortpedia
Content Team
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Hindenburg Research has taken aim at Jack Dorsey's payments company Block, releasing a report accusing the firm of misleading investors and embracing a criminal user base. The report alleged that the payments company ignored widespread fraud. After the report came out, Dorsey’s fortune plunged by $526 million on Thursday, his worst single-day decline since May. He’s now worth $4.4 billion after the 11% drop.
