Block was founded in 2009 by Twitter co-founder Jack Dorsey.
[Financial Channel/Comprehensive Report] U.S. short-seller Hindenburg Research (Hindenburg Research) recently accused the online financial payment company "Block" of exaggerating the number of users and underestimating the cost of acquisition.
This caused Block to plummet nearly 15% on Thursday (23rd).
The Block is exploring legal action against the Hindenburg study and dismisses the report as inaccurate and misleading.
Block was founded in 2009 by Twitter co-founder Jack Dorsey, formerly known as Square, and Du Xi is currently the largest shareholder of Block, holding about 8% of the company.
Please read on...
Hindenburg Research noted: “Our 2-year investigation concluded that Block systematically exploited user data it claimed was helpful.” The report and interviews with multiple former Block employees estimated that they Between 40% and 75% of the accounts reviewed were fake accounts, or accounts involved in fraud.
Hindenburg Research was behind the plunge earlier this year in India's Adani Group, which saw its market value plummet by more than $100 billion following the release of their short-selling report on Adani Group.
Block, which is listed on the New York Stock Exchange, plunged 14.82 percent to close at $61.88 on Thursday.
Grasp the pulse of the economy with one hand I subscribe to Free Finance Youtube channel
Already added friends, thank you
Welcome to 【Free Finance】
Already liked it, thank you.