BUSINESS

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BUSINESS

Jack Dorsey loses $526 million

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Hindenburg accuses Block

Hindenburg Research accused Jack Dorsey's Block of fraud and misleading investors, causing shares to fall 22% and wiping out $526m of Dorsey's net worth.

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Inflating user base

Hindenburg alleged Block overstated its user base and ignored fraud and illegal activity on its platforms, particularly Cash App.

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Illegal activities

Hindenburg accused Block of being a haven for criminal activities, including payments for illegal drug sales and sex trafficking.

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Legal action

Block responded to Hindenburg's allegations, calling the report "factually inaccurate" and "misleading." The company also threatened legal action.

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Hindenburg-Adani

Hindenburg's report accusing Adani Group of fraud and stock manipulation caused Gautam Adani to fall from third to 21st in the world's richest list.