Hindenburg report knocks off $526 million from Jack Dorsey’s wealth

Jack Dorsey’s worth plummets $526M after Hindenburg takedown of Block

Jack Dorsey has seen his net worth plummet by a half billion dollars after short seller Hindenburg Research accused Block of facilitating fraud.

Hindenburg report knocks off $526 million from Jack Dorsey’s wealth

US investment group Hindenburg Research's latest report targeting payments firm Block has led to co-founder Jack Dorsey losing over $500 million. Dorsey's mobile payments firm has been accused of "widely overstating" its user base in the report. Block's stock tumbled up to 22 per cent in early trading on Wall Street before recovering slightly following the release of the report.

Jack Dorsey loses $526 million in a day after Hindenburg publishes report alleging fraud in Block Inc.

The report says "CEO Jack Dorsey has publicly touted how Cash App is mentioned in hundreds of hip-hop songs as evidence of its mainstream appeal. A review of those songs shows that the artists are not generally rapping about Cash App’s smooth user interface—many describe using it to scam, traffic drugs or even pay for murder".

Stung by Hindenburg, here's what Jack Dorsey's Block plans to do

Hidenburg Research, who came in limelight in India after accusing Adani Group of financial fraud, on Thursday released a fresh report charging Jack Dorsey's Block with "widely overstating" the number of users on its platform. Here, we show an update on what has transpired till now in the case.

Jack Dorsey Loses $526 Million Net Worth Hours After Hindenburg Report

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. 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, according to the Bloomberg Billionaires Index. Hindenburg released a report Thursday claiming Block had inflated user metrics, and that the stoc…

Jack Dorsey’s net worth drops $526 million after Hindenburg report

Jack Dorsey news: Payment and mobile banking services company, Block Inc, co-founded by Jack Dorsey, has been accused by Hindenburg Research of allowing fraudulent accounts to proliferate on its Cash App platform, resulting in illegitimate revenue and exaggerated user metrics.