After Adani, Hindenburg Research Accuses Jack Dorsey's Firm Block Of Fraud In Its New Report

After rattling the Adani group two months ago, US-based short-seller Hindenburg research has now targeted Twitter co-founder Jack Dorsey's company Block.

Block is an American multinational technology firm founded in 2009 by Jack Dorsey and Jim McKelvey. It launched its first platform in 2010 and has been traded as a public company on the New York Stock Exchange (NYSE) since November 2015 with the ticker symbol SQ.

Hindenburg Targets Jack Dorsey's Company In New Report

In a tweet shared today evening, Hindenburg research titled the report: Block¡ªHow Inflated User Metrics and "Frictionless" Fraud Facilitation Enabled Insiders To Cash Out Over $1 Billion.

NEW FROM US:

Block¡ªHow Inflated User Metrics and "Frictionless" Fraud Facilitation Enabled Insiders To Cash Out Over $1 Billionhttps://t.co/pScGE5QMnX $SQ

(1/n)

¡ª Hindenburg Research (@HindenburgRes) March 23, 2023

Hindenburg tweeted "Block, formerly known as Square, is a ~$44 billion market cap company that claims to have developed a ¡°frictionless¡± and ¡°magical¡± financial technology with a mission to empower the ¡°unbanked¡± and the ¡°underbanked¡±."

Before the US stock market opens later today, Block shares are currently trading at $72.65. Keeping in mind how hard Adani shares were hit after the Hindenburg report, it remains to be seen how Block shares react to this fresh report by Hindenburg.

Our 2-year investigation concludes $SQ systematically exploits the demographics it claims to help. The magic behind $SQ has not been innovation, but its willingness to mislead investors, facilitate fraud, avoid regulation & dress up predatory products as revolutionary tech. (3/n)

¡ª Hindenburg Research (@HindenburgRes) March 23, 2023

Most analysts are excited about the post-pandemic surge of $SQ's Cash App platform, with expectations its 51 million monthly transacting active users and low customer acquisition costs will drive high margin growth and serve as a future platform to offer new products. (5/n) pic.twitter.com/u9JjxAcjwt

¡ª Hindenburg Research (@HindenburgRes) March 23, 2023

Also Read: Former Twitter CEO Jack Dorsey Says Bitcoin Will Replace The US

Reactions To The Report

In barely half an hour of the tweet, 343,000 views, over 1,500 likes and over 600 retweets have already occurred.

Here's how people reacted to the tweet by Hindenburg research targeting Jack Dorsey's firm.

I¡¯m curious¡­ How much did you make front loading this report on $SQ?

¡ª Straton Oak (@StratonOak) March 23, 2023

I thought there would be a report on some Indian ?

¡ª Dinesh Poonia?? (@DineshKumarSays) March 23, 2023

Indian Media and anti Modi brigade will be so disappointed.

¡ª BhartiyNiveshak (@BhartiyNiveshak) March 23, 2023

Hindenburg shorted the stock¡­ @SECGov @GaryGensler Market manipulation

¡ª HankSalmonsJr? (@salmons_jr) March 23, 2023

Also Read: Meet Nathan Anderson, The Man Behind Hindenburg Report

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