Research Company Hindenburg claims in its new report that Block, the payment company (of Square, Cash App and more) run by Jack Dorsey, lied about its metrics and showed false numbers to mislead investors.
The short-selling firm also claimed that its two-year-long investigation confirmed Block Inc taking “advantage of the demographics it claims to be helping.”
NEW FROM US:
Block—How Inflated User Metrics and “Frictionless” Fraud Facilitation Enabled Insiders To Cash Out Over $1 Billionhttps://t.co/pScGE5QMnX $SQ
(1/n)
— Hindenburg Research (@HindenburgRes) March 23, 2023
They even showed they apparently made accounts as Elon Musk and received a Cash Card in the name of Donald J Trump!
Taking it a step further, we ordered a Cash Card under our obviously fake persona, checking to see if Block’s compliance would take issue.
We promptly received our Donald J. Trump Cash Card in the mail. (16/n) pic.twitter.com/51udy2chdF
— Hindenburg Research (@HindenburgRes) March 23, 2023
You can read more about the story from Hindenburg at:
Block: How Inflated User Metrics and “Frictionless” Fraud Facilitation Enabled Insiders To Cash Out Over $1 Billion
Author
Does this mean that all who bought that card were defrauded?