New Delhi: After Adani Group, technology firm Block Inc has come under the target of American short seller firm Hindenburg Research. Hindenburg issued a report on Thursday (March 23) against the American company Block Inc. In this report, it has been alleged that Block Inc., a mobile payment company led by former Twitter CEO Jack Dorsey, fraudulently increased the number of its users. Along with this, the company has significantly reduced the cost of adding new customers.
The short seller firm said that it has taken a short position in the shares of Block Inc. Hindenburg has said, “We have found after nearly 2 years of investigation that Block Inc. has systematically taken advantage of the demographics it claims to help.”
20 percent broken stock
After this news, there has been panic in the American market. Block Inc’s shares have fallen by 20 percent.
Hindenburg had indicated making new revelations
Two months after the revelations on the Adani Group, Hindenburg indicated the new revelations by tweeting in the early morning of March 23, 2023. It was written in this tweet – New report soon – another big one.
The report was released on Adani Group on January 24
On January 24, Hindenburg presented a report on the Adani Group. This report spoiled the move of the companies of the group. There has been a recovery in these, but still, the shares of any company have not reached the old level. The group companies were accused of stock manipulation and accounting fraud in the report. However, Adani Group denied all these allegations.
