Jack Dorsey's Wealth Down $526M Post Hindenburg's Report

Jack Dorsey's Wealth Tumbles $526M, His Worst Single-Day Decline Since May

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Dorsey’s fortune plunged by $526 million on Thursday, his worst single-day decline since May.

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Jack Patrick Dorsey is an American Internet entrepreneur, co-founder, and former CEO of Twitter, Inc., as well as co-founder, principal executive officer, and chairperson of Block, Inc.

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He’s now worth $4.4B after the 11% drop, according to the Bloomberg Billionaires Index.

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His net worth went down after Hindenburg Research’s latest report, which alleged the payments company ignored widespread fraud.

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Hindenburg released a report Thursday claiming Block had inflated user metrics, and that the stock has downside of 65% to 75% “on a purely fundamental basis.”

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The company denied the allegations and said it plans to explore legal action against the short-seller.

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Dorsey, who also co-founded Twitter, has most of his personal fortune tied up in Block, worth $3 billion.

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