Block falsely inflated its stock’s value by lying about internal metrics, allowing company insiders including billionaires Jack Dorsey and Jim McKelvey to profit wildly, according to a report.
Mobile payment giant Block falsely inflated its stock’s value by lying about internal metrics, allowing company insiders including billionaires Jack Dorsey and Jim McKelvey to profit wildly, according to a bombshellJack Dorsey's Block is facing some major allegations from short seller Hindenburg.
Block “wildly overstated its genuine user counts” and “understated its customer acquisition costs,” according to Hindenburg, alleging the Cash App and Square parent company improperly propped up its share price.“As Block’s stock soared on the back of its facilitation of fraud, co-founders Jack Dorsey and James McKelvey collectively sold over $1 billion of stock during the pandemic,” Hindenburg notes.
Indonesia Berita Terbaru, Indonesia Berita utama
Similar News:Anda juga dapat membaca berita serupa dengan ini yang kami kumpulkan dari sumber berita lain.
Hindenburg shorts Jack Dorsey's payments firm BlockHindenburg Research said on Thursday it held short positions in Block Inc , alleging that the Jack Dorsey-led payments firm overstated its user counts and understated its customer acquisition costs.
Baca lebih lajut »
Jack Dorsey's Block Tumbles 17% After Short Seller Hindenburg's ReportShort seller Hindenburg Research accuses Block of 'wildly' overstating user counts, while understating customer acquisition costs.
Baca lebih lajut »
Short seller Hindenburg accuses Jack Dorsey’s Block of ‘facilitating fraud’Hindenburg on Thursday alleged that Block overstated its user numbers and understated its customer acquisition costs.
Baca lebih lajut »
Welcome to The Block Pro - The Block ProThe Block Pro is our premium portfolio of research, news, and data products that support institutions currently involved with or evaluating opportunities in digital assets.
Baca lebih lajut »
Luxury goods titan LVMH makes moves along NYC’s Billionaires’ RowFrench conglomerate LVMH is relocating its US headquarters to 550 Madison Ave., as well as shuffling its Louis Vuitton store to Trump’s 6 E. 57th St.
Baca lebih lajut »
‘Succession’ review: The billionaires are back for a final season on HBO, battle lines drawn'The rich comedic conceit of 'Succession' has always been rooted in one irascible billionaire's inability to do this simple task: Name your replacement. The series' final season opens by asking if any of that matters,' writes Tribune critic Nina Metz.
Baca lebih lajut »