Block Inc’ defrauded customers Hindenburg Research report
US-based short seller firm Hindenburg Research has released a report on Thursday (March 23) against Twitter co-founder and former CEO Jack Dorsey’s company ‘Block Inc’ after Adani Group. Hindenburg has alleged in this report that Dorsey’s mobile payment company Block Inc. has defrauded its consumers. The company also earned one billion dollars i.e. about 8000 crore rupees through fraud.
Hindenburg said, ‘The result of our 2-year investigation has come out that Block Inc. has systematically taken advantage of the people it claims to help. Block Inc has also exaggerated the number of its users. Also, the company has significantly reduced the cost of adding new customers.
Block Inc’s stock declined by nearly 20%
Hindenburg said that he had taken a short-position in Block’s shares, that is, he had bet on a decline in the company’s shares. After this report came out, the stock of Block Inc. has seen a decline of about 20%. The company has lost billions due to the fall in shares. Hindenburg claims that Block’s shares are 65-70% overpriced.
Helped those who took advantage of government schemes
According to Hindenburg, the payment company Block helped those who took advantage of government schemes by forgery during Kovid. The biggest glitch was that the company’s Cash app allowed multiple people to collect government subsidies in the same account.
Block Inc was founded in 2009 by Jack Dorsey. The company provides payment and mobile banking services to merchants and consumers. This company was earlier known as Square. Block Inc’s market cap is $ 44 billion i.e. Rs 3.61 lakh crore.
4 things related to Jack Dorsey’s payment firm
Jack Dorsey launched the firm in 2009 under the name Square. The firm used to provide credit card readers. It could be plugged into a mobile phone. This made it possible to use tablet computers as point-of-sale systems for making payments.
Square Cash was launched in 2013 as a competitor to mobile service payment company Venmo. Later its name was changed to Cash App. Customers could use it to transfer funds.
In 2014, the company launched a short-term loan service, and in 2017, Square introduced the Cash Card. It was a prepaid debit card. In 2018, Cash App allowed users to trade bitcoin on the platform. The next year, the company added the facility of free stock trading.
After acquiring Australia’s Afterpay for $30 billion in 2021, the company added the Buy Now Pay Later option. In December of that year, the name of the square was rebranded as The Block.
Hindenburg accused Adani Group of stock manipulation
Before Block Inc, Hindenburg released a report against the Adani Group. After the report of Hindenburg Research came out about 2 months ago on January 24, there was a lot of ups and downs in the shares of Adani Group. Hindenburg accused Adani Group companies of stock manipulation and accounting fraud.
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