Beautiful Virgin Islands

Saturday, Aug 30, 2025

Hindenburg Research's Latest Report Targets Jack Dorsey's Block

Hindenburg Research's Latest Report Targets Jack Dorsey's Block

Block, founded by former Twitter boss Jack Dorsey in 2009, used to be called Square before being renamed in late 2021.
Two months after accusing Adani Enterprises of fraud, US investment group Hindenburg Research launched a new salvo on Thursday, this time against Jack Dorsey's mobile payments firm Block, saying it "widely overstated" its user base.

Following publication of the report, Block's stock tumbled up to 22 percent in early trading on Wall Street before recovering slightly.

In late January, the New York-based Hindenburg accused the conglomerate Adani of price manipulation, accounting malpractice, tax evasion and money laundering.

The allegations, denied by Adani, caused the value of its seven listed companies to plunge by tens of billions of dollars.

Block, founded by former Twitter boss Dorsey in 2009, used to be called Square before being renamed in late 2021.

The tech company operates financial transactions, ranging from payments to merchants to payments between individuals.

Block, which owns the mobile app Cash App, has been growing at a breakneck pace and surpassed $100 billion in market value in 2021. It is currently worth $38 billion.

Hindenburg said that the California-based Block knew that many of its accounts were fraudulent or belonged to the same user but failed to account for this in its financial disclosure.

It accused Block of taking a "Wild West" approach to regulatory compliance, which "made it easy for bad actors to mass-create accounts for identity fraud and other scams, then extract stolen funds quickly."

Hindenburg said it investigated Block for two years and interviewed dozens of former employees and experts, and conducted a detailed analysis of documents from regulators and court proceedings.

Block did not immediately respond to a request from AFP.
Newsletter

Related Articles

Beautiful Virgin Islands
0:00
0:00
Close
Federal Reserve Independence Questioned Amid Trump’s Push to Reshape Central Bank
British Politics Faces Tumultuous Autumn After Summer of Rebellions and Rising Farage Momentum
US Appeals Court Rules Against Most Trump-Era Tariffs
UK Sought Broad Access to Apple Users’ Data, Court Filing Reveals
UK Bank Shares Dive Over Potential Tax on Sector
Germany’s Auto Industry Sheds 51,500 Jobs in First Half of 2025 Amid Deepening Crisis
Bruce Willis Relocated Due to Advanced Dementia
French and Korean Nuclear Majors Clash As EU Launches Foreign Subsidy Probe
EU Stands Firm on Digital Rules as Trump Warns of Retaliation
Getting Ready for the 3rd Time in Its History, Germany Approves Voluntary Military Service for Teenagers
Argentine President Javier Milei Evacuated After Stones Thrown During Campaign Event
Denmark Confronts U.S. Diplomat Over Covert Trump-Linked Influence in Greenland
Starmer Should Back Away from ECHR, Says Jack Straw
Trump Demands RICO Charges Against George Soros and Son for Funding Violent Protests
Taylor Swift Announces Engagement to NFL Star Travis Kelce
France May Need IMF Bailout, Warns Finance Minister
Chinese AI Chipmaker Cambricon Posts Record Profit as Beijing Pushes Pivot from Nvidia
After the Shock of Defeat, Iranians Yearn for Change
Ukraine Finally Allows Young Men Aged Eighteen to Twenty-Two to Leave the Country
The Porn Remains, Privacy Disappears: How Britain Broke the Internet in Ten Days
YouTube Altered Content by Artificial Intelligence – Without Permission
Welcome to The Definition of Insanity: Germany Edition
Just a reminder, this is Michael Jackson's daughter, Paris.
Spotify’s Strange Move: The Feature Nobody Asked For – Returns
Manhunt in Australia: Armed Anti-Government Suspect Kills Police Officers Sent to Arrest Him
China Launches World’s Most Powerful Neutrino Detector
How Beijing-Linked Networks Shape Elections in New York City
Ukrainian Refugee Iryna Zarutska Fled War To US, Stabbed To Death
Elon Musk Sues Apple and OpenAI Over Alleged App Store Monopoly
2 Australian Police Shot Dead In Encounter In Rural Victoria State
Vietnam Evacuates Hundreds of Thousands as Typhoon Kajiki Strikes; China’s Sanya Shuts Down
UK Government Delays Decision on China’s Proposed London Embassy Amid Concerns Over Redacted Plans
A 150-Year Tradition to Be Abolished? Uproar Over the Popular Central Park Attraction
A new faith called Robotheism claims artificial intelligence isn’t just smart but actually God itself
Deputy Prime Minister Angela Rayner Purchases Third Property Amid Housing Tax Reforms Debate
HSBC Switzerland Ends Relationships with Over 1,000 Clients from Saudi Arabia, Lebanon, Qatar, and Egypt
Sharia Law Made Legally Binding in Austria Despite Warnings Over 'Incompatible' Values
Italian Facebook Group Sharing Intimate Images Without Consent Shut Down Amid Police Investigation
Dutch Foreign Minister Resigns Amid Deadlock Over Israel Sanctions
Trump and Allies Send Messages of Support to Ukraine on Independence Day Amid Ongoing Conflict
China Reels as Telegram Chat Group Shares Hidden-Camera Footage of Women and Children
Sam Nicoresti becomes first transgender comedian to win Edinburgh Comedy Award
Builders uncover historic human remains in Lancashire house renovation
Australia Wants to Tax Your Empty Bedrooms
MotoGP Cameraman Narrowly Avoids Pedro Acosta Crash at Hungarian Grand Prix
FBI Investigates John Bolton Over Classified Documents in High-Profile Raids
Report reveals OpenAI pitched national ChatGPT Plus subscription to UK ministers
Labour set to freeze income tax thresholds in long-term 'stealth' tax raid
Coca‑Cola explores sale of Costa coffee chain
Trial hears dog walker was chased and fatally stabbed by trio
×