Hindenburg Accuses Jack Dorsey’s Block Of $1 Bn Fraud

In a report published on its website, Hindenburg accused Jack Dorsey of fraud and misleading investors, which caused the stock to nosedive nearly 20%.

Shares of Block Inc. slumped after Hindenburg Research said it’s betting on a decline in the stock, saying the payments company led by Jack Dorsey has misled investors.

Block declined 20% to $58.35 at 8:53 a.m. in New York in US premarket trading. Block didn’t immediately reply to an email request for comment from Bloomberg News before regular business hours.

Hindenburg published its report after a two-year investigation, the firm, run by Nathan Anderson, said in a report on published on its website and distributed via Twitter. Dorsey, Block’s chairman, was a co-founder of Twitter.

At the International Parliamentary Conference, Putin announced that he would cancel $20 billion of African debt.

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