Short-seller Hindenburg’s attack on Block, the company led by Twitter founder and former CEO Jack Dorsey, comes two months after the short seller’s allegations against Adani Group erased billions of dollars from the Indian conglomerate’s balance sheets.
Hindenburg’s attack on Block, the company led by Twitter founder and former CEO Jack Dorsey, comes two months after the short seller’s allegations against Adani Group erased billions of dollars from the Indian conglomerate’s balance sheets. Hindenburg says it led a two-year investigation into Block, which also owns Square, Weebly, Afterpay and music-streaming service Tidal, and that found that “Block has systematically taken advantage of the demographics it claims to be helping.
” It also references a quote from Sara Crowe, senior director at the anti-human trafficking nonprofit Polaris Project, where she says that “when it comes to sex trafficking in the US, by far the most commonly referenced platform is Cash App.” Hindenburg alleges that there is even a Baltimore-based gang named after Cash App. In 2021, members of the “Cash App” gang were charged with distributing fentanyl, the report said. CNN reached out to Block for comment, but has not immediately heard back.
México Últimas Noticias, México Titulares
Similar News:También puedes leer noticias similares a ésta que hemos recopilado de otras fuentes de noticias.
Jack Dorsey's Block Tumbles 17% After Short Seller Hindenburg's ReportShort seller Hindenburg Research accuses Block of 'wildly' overstating user counts, while understating customer acquisition costs.
Leer más »
Short seller Hindenburg accuses Jack Dorsey’s Block of ‘facilitating fraud’Hindenburg on Thursday alleged that Block overstated its user numbers and understated its customer acquisition costs.
Leer más »
Hindenburg Research reports Block short position, claiming fraud facilitation and inflated metricsThe report claimed Block’s business began shifting in 2020, allowing fraud to occur through many newly activated Cash App accounts and a $1 billion windfall for company executives.
Leer más »
Hindenburg shorts Jack Dorsey's payments firm BlockHindenburg Research said on Thursday it held short positions in Block Inc , alleging that the Jack Dorsey-led payments firm overstated its user counts and understated its customer acquisition costs.
Leer más »
Billionaires Dorsey, McKelvey Profited From Block’s ‘Rampant’ Fraud, Hindenburg AllegesBlock falsely inflated its stock’s value by lying about internal metrics, allowing company insiders including billionaires Jack Dorsey and Jim McKelvey to profit wildly, according to a report.
Leer más »