According to a Bloomberg report, Dorsey lost $526 million in one day. After falling by 11 percent in a single day, the assets became 4.4 billion dollars. Half of Dorsey’s net worth comes from Block Inc. After two years of research, Hindenburg comes up with a report against Block Inc. The main allegation is that 40-70 percent of Block Inc’s cash app customers have fake accounts.
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Similarly, there are allegations that the money through the cash app is being used for criminal activities. Former employees themselves have admitted that some of Jack Dorsey’s many fake accounts were aimed solely at defrauding Cash App users.
Who is Dorsey?
Jack Dorsey is not only an entrepreneur but also an American programmer. He was the CEO of Twitter from 2015 to November 2021. 2022 Mail stepped down from the Twitter board.
He became the co-founder of Twitter in 2006. He was the CEO till 2008. Resigned in 2015. In 2016, Dorsey gave one-third of his Twitter shares to employees.
In 2009, he co-founded Square, later known as Block Inc., with Jim McKelvey. In December 2021, the company changed its name to Block. In April 2020, it was announced that 28 percent of the assets would be given to Covid relief and others.
