Hindenburg's next victim after Adani; shares of Block slump sharply after allegations

NEW YORK: Shares of digital payment company Block have slumped sharply following the report published by Hindenburg Research. Hindenburg, which caused the fall of Gautam Adani from the position of the second richest man in the world, came out with a new report the other day. The report contains financial irregularities in the company. Block is a company founded by Twitter founder Jack Dorsey.

Figures indicate that Jack Dorsey's total earnings have dropped by Rs 526 crore after the Hindenburg report. Jack Dorsey's net worth dropped 11 percent to $4.4 billion, according to the Bloomberg Billionaires Index.

Block is a company formerly known as Square. The bombshell report claimed that the company allowed fraudulent accounts to proliferate on cash applications, generating illegitimate revenue and exaggerating user metrics.

Meanwhile, the Adani Group suffered a huge fall in the stock market within four days of the publication of the Hindenburg Report. The company incurred losses of lakhs of crores. The opposition is continuing to protest in Parliament demanding an inquiry against the Adani Group based on the report.