Jack Dorsey, co-founder of social network Twitter and founder of fintech company Block (formerly Square), lost $526 million, or 11% of his wealth, after an investigation by the American investment and research firm Hindenburg Research was revealed. luck in a day Wrote Bloomberg agency.
The report from Hindenburg Research Block accused it of misleading investors about key metrics and deceiving user activity in order to make profits and boost stocks. The company denied the allegations.
Block shares fell 22% after the report was published. Dorsey keeps most of his capital in The Block. The entrepreneur has $4.4 billion to date. The $526 million loss was Dorsey’s biggest single-day loss since May 2022.
In the first half of March, Jack Dorsey, former head of Twitter and co-founder of the company, said: launched The new BlueSky social network, which became an alternative to Twitter after the service was acquired by American businessman Elon Musk at the end of 2022.
In the second half of January, Bloomberg reported that investment research firm Hindenburg Research had accused Gautam Adani’s Adani Group holding of multiple financial irregularities. The head of the company at the time was India’s richest man, with a fortune of $96.6 billion according to Forbs magazine.