After rattling the Adani group two months ago, US-based short-seller Hindenburg research has now targeted Twitter co-founder Jack Dorsey’s company Block.
Hindenburg tweeted “Block, formerly known as Square, is a ~$44 billion market cap company that claims to have developed a “frictionless” and “magical” financial technology with a mission to empower the “unbanked” and the “underbanked”.”
Block is an American multinational technology firm founded in 2009 by Jack Dorsey and Jim McKelvey. It launched its first platform in 2010 and has been traded as a public company on the New York Stock Exchange (NYSE) since November 2015 with the ticker symbol SQ.
Dorsey, who co-founded Block in 2009 in his San Francisco apartment with the goal to shake up the credit card industry, is Block’s largest shareholder with a stake of around 8%.
The NYU dropout was just until two years ago splitting his time between the payments firm and Twitter, his other venture that went private in 2022 in a $44 billion buyout by Elon Musk that Dorsey supported.