After the report, on Thursday, Dorsey’s net worth declined by more than $ 526 million, or Rs 4330 crore, which is the biggest one-day decline since May.
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Following a new report from Hindenburg Research, Block Inc. There has been a big decline in the net worth of co-founder Jack Dorsey. It has been alleged in this report that the payment company has largely ignored the fraud. After this report, on Thursday, Dorsey’s net worth declined by more than $ 526 million, or Rs 4330 crore, which is the biggest one-day decline since May. According to the Bloomberg Billionaires Index, after an 11 per cent decline, his wealth now stands at $4.4 billion.
it was alleged
Hindenburg released a report on Thursday claiming that Block exaggerated user metrics. Revenue was wrongly generated and there was manipulation with the shares, due to which the company’s shares saw an increase of 75 percent. Because of which Jack Dorsey had benefited one billion dollars. The company has denied the allegations and said it plans to take legal action against the short-seller. After the arrival of the report, the company’s stock closed down by 15 per cent, while it had lost more than 22 per cent during the trading session.
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Dorsey’s Thick Steak on the Block
Dorsey, who was also the co-founder of Twitter, is mostly associated with the wealth block. The Bloomberg Wealth Index estimates his stake in the firm to be worth $3 billion, while his position in Elon Musk’s social media company is worth $388 million. This is not the first time that Hindenburg, run by Nathan Anderson, has chosen billionaires and seen a big drop in their wealth.
Read this also:- Hindenburg report showed effect, 80 thousand crore rupees destroyed by Jack Dorsey’s block
Adani was also targeted
Earlier this year, the firm issued a report against India’s Gautam Adani and his group, after which the shares of the companies fell and the combined market cap of the companies has come down by more than $ 100 billion. Adani, who was once the second richest person in the world, is now the 21st richest businessman in the world with a net worth of $60.1 billion. Hindenburg also targeted electric car maker Nikola Corp in September 2020. After this, Nikola’s stock declined.