Hindenburg's effect! Block's stock free falls by 22%. US short seller expects up to 72% drop in Jack Dorsey's firm2 min read 23 Mar 2023, 10:50 PM IST
Hindenburg's report claimed that Block has allowed fraudulent accounts to proliferate on cash applications, generating illegitimate revenue and exaggerating user metrics.
US short seller Hindenburg's next target is Jack Dorsey's payment company Block Inc. The Nathan Anderson-backed research firm whose mind-blogging report on Adani Group led to billions of dollars rout in market, has started to show its effect on Block as well. Right after the report, Block's share price entered into a free fall to the point it nosedived over 22% in New York.
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