New Delhi: American short seller company Hindenburg indicated this morning that he is going to make a big disclosure once again. In the evening, they exploded. This time Hindenburg’s target is not Gautam Adani but former Twitter CEO Jack Dorsey. Hindenburg has made a big disclosure about Jack Dorsey’s payment company Block Inc. Hindenburg uploaded a detailed document on Twitter. In its report, the short selling company said that Block Inc has exaggerated its users. There are serious allegations against the company. Hindenburg has said that Block Inc. has also understated its customer acquisition costs. Block Inc.’s shares fell as much as 20 percent after the Hindenburg report came out. The company has lost billions due to the fall in shares. On January 24, Hindenburg had similarly made serious allegations against Gautam Adani’s company Adani Group. Serious allegations were leveled against the company like rigging of accounts, concealment of debt, overpricing of shares. Adani’s shares fell heavily after this allegation. Within a month, the market cap of the Adani group fell to $145 billion. The wealth of Gautam Adani himself fell from $127 billion to $37 billion. Hindenburg’s allegations shook the confidence of Adani’s investors, which affected the company’s market cap.
These banks, which banned Adani, got out of hand, in 8 days such a situation happened that they were forced to sell
Jack Dorsey is the ex-CEO of Twitter
Hindenburg’s target this time is Twitter’s ex-CEO Jack Dorsey. His company Block Inc has faced serious allegations. The old name of the company is Square. If we talk about the market cap, then the market cap of the company is $ 44 billion. In his report, Hindenburg alleged that the company Square had committed fraud with the help of financial technology. The company has been accused of empowering the unbanked and underbanked. These are people who do not have a bank account or who use other financial services despite having a bank account. Let us tell you that this company of Jack Dorsey was very bright at the time of Corona.
Cash App Platform is Block Inc.
Block Inc.’s business was greatly boosted during the Corona pandemic. During this, transactions of more than Rs 5.1 crore were done every month through this cash app. Cash App made big money. In his report, Hindenburg said that the company had misused the reliefs being received by the government during Corona.
