Jack Dorseys wealth tumbles $526 million after Hindenburg short
Block Inc. co-founder Jack Dorseys net worth was hammered after Hindenburg Researchs latest report, which alleged the payments company ignored widespread fraud.Dorseys fortune plunged by $526 million on Thursday, his worst single-day decline since May. Hes now worth $4.4 billion after the 11% drop, according to the Bloomberg Billionaires Index.Hindenburg released a report Thursday claiming Block had inflated user metrics, and that the stock has downside of 65% to 75% on a purely fundamental basis. The company denied the allegations and said it plans to explore legal action against the short-seller.98949478Block fell as much as 22% on Thursday, before closing down 15%.Dorsey, who also co-founded Twitter, has most of his personal fortune tied up in Block. The Bloomberg wealth index estimates his stake in the firm is worth $3 billion, while his position in Elon Musks social media company is valued at $388 million.Its not the first time that Hindenburg, run by Nathan Anderson, has singled out billionaires and sent their fortunes falling.The firm released an investigation into Indias Gautam Adani and his empire earlier this year, causing his companies stocks to plummet and erasing tens of billions of dollars from his net worth.98945696Adani, who at one point was the worlds second-richest person, now ranks 21st on Bloombergs wealth index with a $60.1 billion fortune.Hindenburg also targeted electric carmaker Nikola Corp. in September 2020. Nikolas stock plunged in the aftermath and an investigation led to a fraud conviction against its founder Trevor Milton in October.
Friday, March 24, 2023 at 2:56 am