Hindenburg’s Report Sends Jack Dorsey’s Block into a Tailspin

• Hindenburg Research has recently released a report on Jack Dorsey’s Block.
• The report states that the company’s products serve to enable criminal activity rather than promote technological progress.
• Block’s share price plummeted by 14.8% following the report.

Hindenburg Research, which previously targeted India‘s Adani Group, has recently published its first report on Jack Dorsey’s Block Inc. This report has caused a significant drop of 14.8% in the value of Block (SQ), the fintech payments company, due to being the subject of Hindenburg’s latest criticism. Following the market opening, shares of Block Inc. were observed to be trading at $61.88 at press time.

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”. $SQ

(2/n) pic.twitter.com/NmL0f2MzgW

— Hindenburg Research (@HindenburgRes) March 23, 2023

Hindenburg Research mentioned in its report: “Our 2-year investigation has concluded that Block has systematically taken advantage of the demographics it claims to be helping.…

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