Hindenburg publishes new Explosive Report on Jack Dorsey, co-founder of Block Inc.

New Delhi (India), 24th March 2023: After the publication of a damning report by short-seller Hindenburg Research accusing Jack Dorsey’s company of allowing fraudulent accounts that conceal criminals engaged in illegal or illicit activities, including the sex trafficking of minors, shares of Block, the company behind Cash App, fell by 20% on Thursday morning.

A two-year investigation into Block, which also controls Square, Weebly, Afterpay, and a music streaming service, was conducted, according to Hindenburg. The report stated, “Block has systematically taken advantage of the demographics it claims to be helping.”

The report released two months after the short seller’s accusations against Adani Group caused the market value of the Indian conglomerate to decline by billions of dollar.

According to the study, Block is governed in a manner similar to the “Wild West” and permits fraudulent accounts, providing a cover for criminals engaged in unlawful or illicit activities, such as the sex trafficking of minors.

As an initial aftermath of the report Jack Dorsey, Co-founder of Block lost $526 million which is an 11% drop in a single day and his net worth now stands at $4.4 billion.

In a statement to CNN, Block referred to the report as “factually inaccurate and misleading,” and declared its intention to cooperate with the Securities and Exchange Commission and investigate legal options for taking legal action against Hindenburg.