Block shares extend losses as Hindenburg report weighs

Shares of Twitter co-founder Jack Dorsey’s Block Inc. fell 4 % in on investing on Friday, a day after the Cash App division of the expenses company was the latest target of U.S. short vendor Hindenburg Research.

Hindenburg claimed in a statement that Block overstated its user base while underestimating its rates for acquiring new customers.

The organization claimed that the article was” factually inaccurate and misleading” and that it would collaborate with the US securities regulator to look into possible legal actions against Hindenburg.

On Thursday, block shares closed 15 % lower, losing all of the gains made thus far this year. In the midst of a significant downturn in the technology sector last year, they had lost 61 % of their importance.

Brokerage RBC Capital Markets stated that although the paper will have a significant impact on the stocks for some time, its opinion of the stock remained the same.

While CEO Dorsey has praised Cash App’s inclusion in hip-hop songs as proof of its conventional appeal, Hindenburg claimed in its report that the performers describe it as a tool for” scam, traffic pills, or even pay for murder.”

The actions of rappers, according to Morningstar analysts, does not provide conclusive evidence of serious problems; rather, it raises the more concerning claim that Block is aware of common platform fraud.

According to a non-profit business cited in the paper, Cash App was also” by much” the most popular application used in cases of alleged U.S. sex trafficking.

While pointing out that the brief seller has never questioned the veracity of the party finances, Brokerage Jefferies stated in a statement that people are familiar with the majority of problems raised by Hindenburg.

Simple buyers frequently sell borrowed assets with the intention of repurchasing them for less money.

( Edited by Arun Koyyur, reported by Manya Saini in Bengaluru. )

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