Another billionaire in Hindenburg’s troop lost $520 million in one day

Block Inc. co-founder and billionaire Jack Dorsey. The photo is taken from his Twitter account


Block Inc. co-founder and billionaire Jack Dorsey. The photo is taken from his Twitter account

Gautam Adani, once the world’s second richest man, has not yet recovered from the shock of the US research institute Hindenburg Research’s report. This time, Jack Dorsey, the co-founder and billionaire of Block Inc., is at the helm of the New York-based short seller organization. In the report, the company alleged that the payment company fraudulently inflated the block’s users.

Meanwhile, Jack Dorsey lost 52.6 million US dollars on Thursday (March 23) after the Hindenburg report. According to Bloomberg Index, the wealth of this US billionaire fell 11 percent to $4.4 billion. News from NDTV.

Hindenburg released a report on Jack Dorsey’s Block Inc. yesterday. They claim that Block Corporation has manipulated the price of their shares in the capital market. Apart from this, many cases of fraud have been ignored by this organization. Blocks were inflated by falsifying their own ‘metrics’ (trade volume or number of transactions and users). However, the block denied this allegation. They said they will take legal action against the New York-based short seller.

The bloc’s share price fell as much as 22 percent on Thursday after the Hindenburg report, ending the day at 15 percent.

Twitter co-founder Dorsey also serves as Block’s CEO. Dorsey’s stake in the block is worth $3 billion, according to Bloomberg data. And his shares on Twitter are worth 388 million dollars.

Earlier last February, the company had accused the world’s second richest and Indian billionaire Gautam Adani of fraud. Shares of Gautam Adani’s company fell by $1 trillion after the Hindenburg Research report was published. As a result, Adani dropped to the 21st position on Bloomberg’s list of the world’s richest people.

And in September 2020, Hindenburg published a report against electric car manufacturer Nicola Corporation. Nicola’s shares fell sharply after that. Nicola’s founder Trevor Milton was later investigated and convicted of fraud.

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