Hindenburg Research on Thursday (March 23) disclosed short positions in Block Inc and alleged that the payments firm led by Twitter co-founder Jack Dorsey overstated its user numbers and understated its customer acquisition costs. Block vowed to fight back, saying it would explore legal action against the short seller for its 'factually inaccurate and misleading report' that was 'designed to...
The logo of Cash App is seen at the main hall during the Bitcoin Conference 2022 in Miami Beach, Florida, US on April 6, 2022.Hindenburg Research on Thursday disclosed short positions in Block Inc and alleged that the payments firm led by Twitter co-founder Jack Dorsey overstated its user numbers and understated its customer acquisition costs.
Block's shares were last down 15 per cent at $61.67 , paring some losses after a 22 per cent plunge earlier. The NYU dropout was just until two years ago splitting his time between the payments firm and Twitter, his other venture that went private in 2022 in a $44 billion buyout by Elon Musk that Dorsey supported.
The app had 51 million monthly transacting actives, a 16per cent year-over-year increase during December 2022, Block said in a fourth-quarter earnings letter. "What I am really concerned about is the Cash App, accusations of fraud, multiple accounts, opening accounts and fake names. And it doesn't seem like that would be something that they would allow," said Christopher Brendler, senior analyst at D.A. Davidson & Co." some evidence in the report that this is happening. So, you know, I think that's the most damaging part of the report," he added.
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