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Jack Dorsey Loses $526 Mn Net Worth Amid Hindenburg Report
After an 11 per cent decline, his current net worth is USD 4.4 billion, according to the Bloomberg Billionaires Index
Photo Credit :
Jack Dorsey
The co-founder of Block Inc. Jack Dorsey witnessed a decline in his net worth as a result of the most recent analysis by Hindenburg Research, which said the payments company ignored significant fraud.
The largest single-day loss in Dorsey's fortune since May occurred on Thursday when it fell by USD 526 million. After an 11 per cent decline, his current net worth is USD 4.4 billion, according to the Bloomberg Billionaires Index.
In research published on Thursday, Hindenburg said that Block had exaggerated its user metrics and that the company was vulnerable by 65 per cent to 75 per cent "on a purely fundamental basis." The business refuted the accusations and declared that it would consider taking legal action against the short-seller.
On Thursday, Block dropped as high as 22 per cent before finishing down 15 per cent.
The majority of Dorsey's personal wealth is invested in Block, which he co-founded along with Twitter.
His interest in the company is estimated to be worth USD 3 billion by the Bloomberg wealth index, while his stake in Elon Musk's social media startup is worth USD 388 million.