Published 1 year ago

Block shares plunge 19% after short seller Hindenburg says Jack Dorsey’s company facilitates fraud

Summary by Ground News

Shares of Jack Dorsey’s Block plunged 19% after short seller Hindenburg Research announced Thursday that the payment company was its latest short position, alleging that Block allowed criminal activity to operate with lax controls and “highly” inflates Cash App’s transacting user base, a key metric of performance.

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Times of India

Block | Jack Dorsey: Hindenburg shorts Jack Dorsey's payments firm Block

"Our 2-year investigation has concluded that Block has systematically taken advantage of the demographics it claims to be helping," the short seller said in a note published on its website.

1 year ago·India

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News18 India

After Adani, Hindenburg Targets Jack Dorsey's Payments Firm Block Over Inflated User Base

Following publication of the report, Block's stock tumbled up to 22 percent in early trading on Wall Street before recovering slightly

1 year ago·India

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Reuters

Hindenburg takes aim at Dorsey's payments firm Block, shares plunge

Hindenburg Research on Thursday disclosed short positions in Block Inc and alleged that the payments firm led by Twitter co-founder Jack Dorsey overstated its user numbers and understated its customer acquisition costs.

1 year ago·United Kingdom

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Hindustan Times

Block shares slump 20% after Hindenburg shorts Jack Dorsey's payments firm

Hindenburg Research said in its latest report that former Block employees estimated that 40%-75% of accounts they reviewed were fake.

1 year ago·New Delhi, India

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CNBC

Block shares plunge after Hindenburg says Jack Dorsey's company facilitates fraud

Block shares plunged after noted short-seller Hindenburg Research said the company's flagship Cash App facilitates crime and lacks strong compliance controls.

1 year ago·United States

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