Block drops 10%+ after Hindenburg Research discloses a short position and alleges the company overstated user numbers and understated customer acquisition costs
Hindenburg report TechCircle : Hindenburg accuses Jack Dorsey's Block of fraud, manipulating user numbers Sergio Goschenko / Bitcoin News : Hindenburg Research Blasts Jack Dorsey's Block, Alleges It Facilitated Fraud and Inflated User Metrics MarketWatch : Shares of Jack Dorsey's payment company Block fall as short seller issues negative report Evann Gastaldo / Newser : Jack Dorsey Loses $526M in One Day DealStreetAsia : Jack Dorsey-led Block's Australian shares slump after Hindenburg report Lavina Daryanani / Watcher Guru : Jack Dorsey's Net Worth Drops $526 Million Following Hindenburg's Block Criticism Tweets: @hindenburgres : NEW FROM US: Block—How Inflated User Metrics and “Frictionless” Fraud Facilitation Enabled Insiders To Cash Out Over $1 Billion https://hindenburgresearch.com/ block $SQ (1/n) @hindenburgres : Block, formerly known as Square, is a ~$44 billion market cap company that claims to have developed a “frictionless” and “magical” financial technology with a mission to empower the “unbanked” and the “underbanked”. $SQ (2/n) https://twitter.com/... @hindenburgres : CEO Dorsey has touted how Cash App is in hundreds of hip hop songs as evidence of its appeal. But artists are not rapping about Cash App's smooth user interface — many describe using it to scam, traffic drugs or even pay for murder. (9/n) https://www.youtube.com/... @modestproposal1 : so they literally went with the worst form of response possible. Responses ranked: 1) silence 2) facts . . . . . . . . 12354747) Explore legal options @swarajyamag : Jack Dorsey, co-founder of Block Inc., saw his net worth fall by $526 million after a report by Hindenburg Research accused the company of ignoring fraud. #HindenbergResearch #jackdorsey https://swarajyamag.com/... @nytimesbusiness : Hindenburg Research published a 17,600-word report accusing Block of overstating its user base and failing to stamp out fraud and illegal activity on its platforms, particularly Cash App. https://www.nytimes.com/... @moneycontrolcom : Block Inc. co-founder Jack Dorsey's net worth was hammered after Hindenburg Research's latest report, which alleged the payments company ignored widespread fraud Read here👇 https://www.moneycontrol.com/ ... #JackDorsey #HindenburgResearch