Hindenburg on Thursday alleged that Block overstated its user numbers and understated its customer acquisition costs.
Shares of Block, which developed the popular Cash App mobile payment facilitator, plunged by some 20% just after the opening bell rang on Wall Street on Thursday.“Our 2-year investigation has concluded that Block has systematically taken advantage of the demographics it claims to be helping,” the short seller said in a note published on its website.
In January, Hindenburg released a damning report alleging fraudulent business practices by Indian billionaire Gautam Adani.The firm said that Block co-founders Dorsey and James McKelvey collectively sold over $1 billion of stock during the pandemic as the company’s share price soared. Before releasing its findings on Thursday morning, Hindenburg teased that it would be issuing a “new report soon — another big one.”
Brasil Últimas Notícias, Brasil Manchetes
Similar News:Você também pode ler notícias semelhantes a esta que coletamos de outras fontes de notícias.
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.
Consulte Mais informação »
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.
Consulte Mais informação »
Welcome to The Block Pro - The Block ProThe Block Pro is our premium portfolio of research, news, and data products that support institutions currently involved with or evaluating opportunities in digital assets.
Consulte Mais informação »
Most Dallas short-term rental properties would be illegal under proposed rulesJust about all of Dallas’ registered short-term rental properties would not be allowed under proposed regulations, city code officials said Monday, and...
Consulte Mais informação »
Texas lawmaker again tries to block discriminatory hairstyle bans in schools and workplacesTexas lawmakers could prohibit race-based hair discrimination at schools and workplaces. At least 20 states have already passed similar legislation, according to a group that champions the laws.
Consulte Mais informação »
Building block of life found in sample from asteroid RyuguThe discovery of the nucleobase uracil is a big step forward for astrobiology.
Consulte Mais informação »