• Feedback
  • RSS Feed
  • Sitemap
Ommcom News
  • Home
  • Odisha
  • Nation
  • World
  • Sports
  • Business
  • Entertainment
  • Videos
  • Science & Tech
  • Photo Gallery
  • ଓଡ଼ିଆରେ ପଢନ୍ତୁ
No Result
View All Result
  • Home
  • Odisha
  • Nation
  • World
  • Sports
  • Business
  • Entertainment
  • Videos
  • Science & Tech
  • Photo Gallery
  • ଓଡ଼ିଆରେ ପଢନ୍ତୁ
No Result
View All Result
Odisha News, Odisha Breaking News, Odisha Latest News || Ommcom News
Home Business

Hindenburg Report Wipes Out $526 Mn From Jack Dorsey’s Worth

OMMCOM NEWS by OMMCOM NEWS
March 24, 2023
in Business

San Francisco: Former Twitter co-founder and CEO Jack Dorsey was left poorer by $526 million after short-seller Hindenburg Research revealed that his digital payment company Block facilitates fraud against consumers and the government.

After his worst single-day decline, Dorsey is now worth $4.4 billion, according to Bloomberg Billionaires Index.

Block’s shares also nosedived as much as 22 per cent on Thursday, before closing down 15 per cent late on Thursday.

Block, formerly known as Square, claims to have developed a “frictionless” and “magical” financial technology with a mission to empower the “unbanked” and the “underbanked”.

“Our 2-year investigation has concluded that Block has systematically taken advantage of the demographics it claims to be helping,” said Hindenburg Research in its report, taking its latest short position on Block.

“We also believe Jack Dorsey has built an empire — and amassed a $5 billion personal fortune — professing to care deeply about the demographics he is taking advantage of,” it added.

Block or Dorsey were yet to react to the Hindenburg report.

According to the report, Block embraced one traditionally very “underbanked” segment of the population: criminals.

“The company’s ‘Wild West’ approach to compliance made it easy for bad actors to mass-create accounts for identity fraud and other scams, then extract stolen funds quickly,” the report mentioned.

In sum, “we think Block has misled investors on key metrics, and embraced predatory offerings and compliance worst-practices in order to fuel growth and profit from facilitation of fraud against consumers and the government,” said Hindenburg.

 (IANS)

Tags: HindenburgJack Dorsey
ShareTweetSendSharePinShareSend
Previous Post

Finance Bill Passed In LS Amid Oppn Protest

Next Post

10 Ophthalmologists Posted in Odisha Medical College & Hospitals As Assistant Professors

Related Posts

Business

GST Council Meeting Soon, Tax Slab Rates And Compensation Cess Key Review Points

July 12, 2025
Indian stock markets
Business

Nifty’s Closing Above 25,330 Could Reignite Bullish Momentum: Experts

July 12, 2025
Business

Days After Khemka, Yadav Murders, Another Patna Trader Gunned Down; Business Community Tense

July 12, 2025
Reserve Bank of India
Business

RBI Imposes Monetary Penalty On HDFC Bank, Shriram Finance

July 11, 2025
RBI
Business

India’s Gold Reserves Rise By $342 Million, Forex Stands At $699.736 Billion: RBI

July 11, 2025
FM Sitharaman
Business

FM Sitharaman Kickstarts More Than Rs 1,000 Crore Projects In Meghalaya

July 11, 2025
Next Post

10 Ophthalmologists Posted in Odisha Medical College & Hospitals As Assistant Professors

Rahul Gandhi Disqualified From Parliament

Two Women Testify To US Congress Of Torture, Brainwashing In Chinese Camps

khimji
TPCODL
OMC
  • Feedback
  • RSS Feed
  • Sitemap

© 2025 - Ommcom News. All Rights Reserved.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

No Result
View All Result
  • Home
  • Odisha
  • Nation
  • World
  • Sports
  • Business
  • Entertainment
  • Videos
  • Science & Tech
  • Photo Gallery
  • ଓଡ଼ିଆରେ ପଢନ୍ତୁ

© 2025 - Ommcom News. All Rights Reserved.