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Shares of Jack Dorsey’s Block Fall on Short
 Hindenburg said Jack Dorsey, Block Inc.’s CEO 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 ImagesBy Peter RudegeairUpdated March 23, 2023 5:12 pm ETShares of the payments company formerly known as Square fell about 15% on 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.” What's News Why Chinese Apps Are the Favorites of Young Americans19 hours ago  Pentagon Woos Silicon Valley to Join Ranks of Arms Makers17 hours ago  Netanyahu Fires Defense Minister as Pressure Against Judicial Overhaul Mounts6 hours ago What's NewsWhy Chinese Apps Are the Favorites of Young Americans19 hours ago Pentagon Woos Silicon Valley to Join Ranks of Arms Makers17 hours ago Netanyahu Fires Defense Minister as Pressure Against Judicial Overhaul Mounts6 hours ago  Ukraine Offensive Takes Shape, With Big Unknowns15 hours ago  Al Qaeda Closes In on a Stalwart U.S. Ally in Africa13 hours ago  Where Financial Risk Lies, in 12 Charts17 hours ago  Trump’s Legal Strategy: Vilify Prosecutors, Stall Probes and Rally GOP Base12 hours ago  After Tornado’s Destruction, Mississippi Towns Look to Future While Coping With Grief6 hours ago  Thousands of Retirees Can’t Withdraw Savings Invested in Firms Controlled by Indicted Financier Greg Lindberg19 hours ago  Continue reading your article witha WSJ subscription Subscribe NowAlready a subscriber? Sign In Sponsored OffersSHEIN: 30% off using this SHEIN coupon codeDoorDash: Up to $20 off + free delivery on all orders with DoorDash coupon codeVitacost: Vitacost Coupon - Save up to 15% OFF your orderWayfair: Wayfair Coupon - 20% OffNike: Nike promo code: Get up to 25% off your purchaseWalmart: Walmart Weekend Only Sale! Up to 50% off |
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