March 25, 2023
Former Twitter co-founder and CEO Jack Dorsey was left poorer by $526 million after short-seller Hindenburg report.
Hindenburg Research revealed that his digital payment company, Block facilitates fraud against consumers.
Block's shares also nosedived as much as 22 per cent on Thursday, before closing down 15 per cent late on Thursday.
He’s now worth $4.4 billion after the 11% drop, according to the Bloomberg Billionaires Index.
According to the report, Block embraced one traditionally very "underbanked" segment of the population: criminals.
According to report, Block has misled investors on key metrics, and embraced predatory offerings to make profits.
Dorsey, who also co-founded Twitter, has most of his personal fortune of around $3 billion is tied up in Block.
It’s not the first time that Hindenburg, run by Nathan Anderson, has singled out billionaires and sent their fortunes falling
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