Hindenburg report against ex-Twitter co-founder Jack Dorsey's company, $5.26 billion embezzlement

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image : Twitter


Another company has been rocked after a new report from Hindenburg Research. The name of this company is Block Inc. and its founder is Jack Dorsey. Jack Dorsey suffered a major loss after the Hindenburg Research report was published. His wealth has reduced to 52.6 crore dollars in a single day.

How much did Jack Dorsey's Block Inc. shares crash?

According to Bloomberg's Billionaires Index, after an 11 percent drop, his net worth is now only $4.4 billion. Shares of Block Inc fell as much as 22 percent on Thursday. Notably, Block provides payment and mobile banking services for businesses and users.

What did Hindenburg reveal?

Hindenburg released a report claiming that Blok had cheated on payments. Allowed users' metrics to be presented incrementally. Wrongly generated revenue. At the same time, the stock was manipulated and its price was taken higher. The shares of this company are overvalued by 75 percent. It has made Jack Dorsey a profit of 1 billion dollars.

What did the company say?

The company has responded to these allegations and denied all the allegations. The company said that we will take legal action against the short-sellers. It is worth mentioning that Jack Dorsey has been the co-founder of Twitter. Bloomberg Wealth Index estimates that his stake in the firm is worth $3 billion. However, his position in Elon Musk's social media company is worth $388 million.

What did Hindenburg say?

Nathan Anderson's research firm said the magic behind Block's business is not disruptive innovation but stardom earned by betraying consumers and the government.

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