The company was co-founded by former Twitter co-founder Jack Dors.
(Photo: Getty Images)
Shares in the US payment service block fell more than 20 percent in early US trading on Thursday. Research firm Hindenburg Short published a previous report accusing Twitter co-founder Jack Dorsey’s company of misleading investors with inflated metrics.
Among other things, the real user numbers are much lower. Block – formerly known as Squire – has not yet responded to Hindenburg’s allegations.
Activist short sellers like the Hindenburg make money by betting on falling share prices and then publishing a report blaming the company. In 2020, the Hindenburg caused shares of electric car maker Nikola to plummet, and in January, it caused a sale of shares in businessman Gautam Adani.
more: American activist money is increasing the pressure again
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Sylvia Plath writes for Social Post News, covering news, politics, business, technology, sport, entertainment, and lifestyle. She focuses on clear, reliable reporting and useful information, helping readers stay informed about current events, emerging trends, and stories that matter.
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