Jack Dorsey's Net Worth Drops $526 Million Following Hindenburg's Block Criticism
Hindenburg recently released a report analyzing how inflated user metrics and “frictionless” fraud facilitation enabled Block insiders to cash out over $1 billion. The research-led hedge fund published its report after a two-year investigation. It alleged Block for “systematically” taking advantage of the demographics it claimed to be helping. According to Hindenburg , “The “magic” behind Block’s business has not been disruptive innovation, but rather the company’s willingness to facilitate fraud against consumers and the government, avoid regulation, dress up predatory loans and fees as a revolutionary technology, and mislead investors with inflated metrics.” Now, a recent Bloomberg report brought to light that Dorsey’s fortune shrunk by $526 million on Thursday, March 24. This marked his “worst single-day decline” since May. In fact, according to the Bloomberg Billionaires Index, he is now worth only $4.4 billion post the 11% drop. Dorsey reportedly has most of his “personal fo...