adavi vs block inc, side effect of hindenburg
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Adani became breathless
Hindenburg’s name was very much discussed in the year 2023. The American short seller company made serious allegations on the Adani group on 24 January. After the arrival of this report, Adani got the biggest blow so far. Investors’ confidence shook from the company, which started showing on the shares. The company’s shares fell by up to 85 percent. Gautam Adani’s net worth dropped from $127 billion to $35 billion. Adani’s net worth fell by 60 to 70 percent within a month. The market cap of the Adani group also skyrocketed. The market value of Adani Group fell to $147 billion. Their market cap reached below $100 billion.
Hindenburg could not even move Jack Dorsey
While Gautam Adani was shaken by Hindenburg’s attacks, Block Inc’s founder Jack Dorsey could not even turn a hair. Hindenburg released his report against Block Inc. on 23 March. In this report, he made serious allegations against the company. Accused of exaggerating the company’s user data. Following these allegations against the company after the Hindenburg report, the company’s shares fell 18 percent, but Block’s shares continued to rally. Jack Dorsey’s shares have seen a boom in the last five trading sessions. Shares of Block Inc climbed 9.70 per cent. The Hindenburg report did not appear to have much effect on Black Ink’s shares. On 23 March Hindenburg released the report. Shares fell to $60.68 on March 24, but recovered again on March 25 and the shares again reached $64.40. Shares of Black Inc. crossed $68 on the last trading day of March. After Hindenburg’s report, instead of falling, the company’s shares saw a boom. Today the share price reached $68.39.
Hindenburg’s bet backfired
The report that Hindenburg shared regarding Block Inc. could not be accurate. Nathan Anderson, who was short selling the company’s shares, backfired here. Shares of Dorsey’s company Block Inc. began to rise. Notably, Hindenburg accused Block Inc of misleading its investors in the Arpani report. Flaws were pointed out in the company’s Cash App program. Hindenburg’s bet, who earned money by short selling shares, turned upside down here.
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