After the report came out, Dorsey’s fortune plunged by $526 million on Thursday, his worst single-day decline since May. Jack Dorsey’s Wealth Tumbles USD 526 Million After Hindenburg Report Takes Aim At His Payments Firm Block, Says It Overstated User Numbers.
Hindenburg s report claimed that Block has allowed fraudulent accounts to proliferate on cash applications, generating illegitimate revenue and exaggerating user metrics.