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Technology Stocks : Block, Inc. (formerly Square)
SQ 59.00-0.5%May 26 4:02 PM EDT

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From: Sr K3/23/2023 12:32:43 PM
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Shares of Jack Dorsey’s Block Fall on Short-Seller Report

Hindenburg Research released a report based on a two-year investigation, accusing Block of inflating user numbers

Hindenburg said Jack Dorsey, Block Inc.’s chief and co-founder, has amassed a $5 billion personal fortune by taking advantage of Cash App’s users. PHOTO: MARCO BELLO/AGENCE FRANCE-PRESSE/GETTY IMAGES

By Peter Rudegeair

Updated March 23, 2023 12:14 pm ET


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(2 minutes)

Shares of the payments company formerly known as Square fell 13% in early trading Thursday after a short seller questioned the company’s user numbers and accused it of predatory tactics.

Hindenburg Research said a two-year investigation into Block Inc.found the company “obfuscates” its Cash App service’s true user numbers by reporting misleading metrics “filled with fake and duplicate accounts.” It also accused the company of taking advantage of the demographics it claims to serve—lower-income people and minorities—with “predatory loans and fees.”

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