Hindenburg Research: Short selling firm Hindenburg has created panic in the American market with its new report. Hindenburg has prepared a new report on Twitter co-founder Jack Dorsey’s company Block Inc. In this report, it has been claimed that the company has cheated the government. Also accused of misleading the investors.
Jack Dorsey’s wealth has decreased rapidly since this new Hindenburg report came out. Dorsey’s wealth declined by $526 million on Thursday, the biggest one-day drop since May, according to the Bloomberg Billionaires Index. After a decline of 11 percent, now his wealth is reduced to $ 4.4 billion.
Hindenburg has also claimed in his new report that Block has cheated regarding the payment. Wherein wrongly revenue has been generated. Apart from this, the users have been shown in an exaggerated manner. Let us tell you that Jack Dorsey’s company Block offers payment and mobile banking services for merchants and users.
Investigation lasted for two years
Hindenburg states in his report that the magic behind Block’s business is not predatory innovation, but rather the company’s willingness to facilitate fraud against consumers and the government, avoid regulation, make predatory loans and fees by framing it as a revolutionary technology and To mislead investors.
The company denied the allegations
Jack Dorsey’s company has denied all the allegations made by Hindenburg. The company has said that it will explore legal action against it. Its shares closed down 15 per cent on Thursday, but before that shares of Block Inc had gone down by 22 per cent.
Gautam Adani’s property has fallen so much
Hindenburg had earlier prepared a report on the company of Gautam Adani, the second richest person in the world, after which his wealth has come down to $60 billion and has reached number 21 in the list of the rich.
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